On 17 May 2022, the Group announced the sale of its joint venture investment in Admiral Taverns, to Proprium Capital Partners for a total consideration of €65.8m (£55.0m). The sale of the shares will be completed and the consideration will be paid in three tranches during FY2023, subject only to FCA approval. Admiral Taverns was classified as an asset held for sale as at 24 February 2022. The Group assessed the carrying value of its equity accounted investment as a result of its classification as an asset held for sale as at 24 February 2022 and recognised an impairment charge of €6.4m. This impairment charge reverses previously accumulated gains and losses in relation to the application of equity accounting for the Admiral Taverns investment, to reflect the recoverable value of the Group’s investment in line with the agreed consideration of €65.8m (£55.0m).
The equity accounted investment in Admiral Taverns was previously presented within the Great Britain reportable segment in note 1 in accordance with IFRS 8 Operating Segments.
Asset held for sale
Equity accounted investment
At 28 February 2022
The cumulative foreign exchange gain recognised in other comprehensive income in relation to the asset held for sale as at 24 February 2022 was €2.7m.
In the prior financial year, the Group classified its wholly owned US subsidiary, Vermont Hard Cider Company (“VHCC”) as a disposal group held for sale, as at 28 February 2021. On 2 April 2021, the Group completed the sale of VHCC for a total consideration of €17.5m (USD 20.5m) (see note 10).