C&C Group, Proprium Capital Partners and Admiral Taverns' management agreed to buy the entire issued share capital of Admiral Taverns, which operates 845 primarily wet-led pubs across England, Wales and Scotland, from Cerberus Capital Management and its affiliates, for £78m. Commenting on the investment, Stephen Glancey, C&C CEO, said: "For C&C, this is an attractive opportunity to create a new long term investment in the important on-trade channel, without taking significant financial and operational risk. The investment will provide our brands with improved distribution in some of the best community pubs across the UK, with an opportunity to enhance on-trade penetration further over time.”