Admiral toasts Greene King deal

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Pub firm Admiral Taverns has beefed up its presence in southern England after buying 155 pubs in a £56m deal.

The Hertfordshire-based group has snapped up 140 tenanted and 15 managed pubs from rival Greene King.

Greene King said the sale was part of its "continuous drive" to improve the quality of its estate.

Suffolk-based Greene King, most famous for its Abbots Ale and Old Speckled Hen beers, also agreed an "attractive" deal to supply beers to Admiral's pubs.

The deal means Admiral, founded in 2003, is now the UK's third largest operator of tenanted and leased pubs with almost 2,000 sites.

"This transaction enhances the quality of our estate. These are typical high quality Greene King pubs located in some of the most attractive locations in the south of England," chief executive Gary Landesberg said.