Admiral Taverns / Hampden Pub Estate merger inquiry

The CMA is investigating the completed acquisition by Admiral Taverns of pubs owned by Hawthorn Leisure Topco Limited (the Hampden Pub Estate).

From:
Competition and Markets Authority
Published
28 September 2021
Last updated
20 June 2022 — See all updates
Case type:
Mergers
Case state:
Closed
Market sector:
Recreation and leisure
Opened:
28 September 2021
Closed:
20 June 2022
Date Action
7 January 2022 Undertakings in lieu of reference accepted
16 November 2021 Decision published
27 October 2021 Phase 1 decision announced
28 September to 12 October 2021 Invitation to comment
7 October 2021 Launch of merger inquiry

Phase 1

Case closure

20 June 2022: The sale of 7 pubs subject to the UILs to FB Taverns Limited was approved by the CMA and completed by 14 June 2022. This brings the merger investigation to a close.

Undertakings in lieu of reference accepted

7 January 2022: The CMA has accepted undertakings in lieu of reference for the completed acquisition by AT Brady Holdings Limited (Admiral) of 687 leased and tenanted, operator managed and one fully managed pub (the Hawthorn pub portfolio) from NewRiver REIT plc.

Undertakings in lieu of reference consultation: closes on 30 November 2021

16 November 2021: We are consulting on proposed undertakings in lieu of a reference for the completed acquisition by Admiral Taverns of the Hampden Pub Estate.

CMA to consider undertakings offered

9 November 2021: The CMA considers there are reasonable grounds for believing that the undertakings offered by Admiral, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.

Reference unless undertakings accepted

27 October 2021: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. The CMA has arrived at this decision under its fast-track procedure at the request of the merging parties. This merger will be referred for a Phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

Launch of merger inquiry

7 October 2021: The CMA announced the launch of its merger inquiry by notice to the parties.

Invitation to comment: Closed 12 October 2021

28 September 2021: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

These comments should be provided by the deadline set out above.

Contact

Please send written representations about any competition or public interest to: general.enquiries@cma.gov.uk

Updates to this page

Published 28 September 2021
Last updated 20 June 2022 + show all updates

  1. Case closure published.

  2. Full text decision to accept final undertakings in lieu of reference published.

  3. Undertakings in lieu of reference accepted and final undertakings published.

  4. Phase 1 full text decision, decision that undertakings may be accepted and undertakings in lieu of reference consultation published.

  5. Decision to consider undertakings offered published.

  6. Decision to refer to Phase 2 unless undertakings are accepted announced.

  7. Commencement notice published.

  8. First published.

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