Admiral Taverns is sold off for £200m

Admiral Taverns has been sold to the United States private-equity firm Cerberus in a deal worth £200m, including debt, bringing to an end a troubled period that saw it fall into the hands of its bank.

Cerberus Capital Management, which is trying to sell its stake in Freedom, the maker of the rifle used in last month's school massacre in America, has bought the UK operator of 1100 tenanted pubs from Lloyds Banking Group.