Admiral Taverns set to be sold to US investment firm for £220m

Operator of over 1,000 UK pubs, Admiral Taverns is in advanced talks over a possible sale to US investment fund Proprium Capital for £220m, according to The Times.

The move comes after the pub company's owner, the hedge fund Cerberus, launched an auction process earlier in the summer.

Cerberus acquired Admiral Taverns four years ago for £200m from then owner Lloyds Banking Group.