Punch host buys pub for £500,000
A Punch lessee in Brighton has bought the freehold of his pub for just over £500,000.
Preston Park Tavern: licensees have bought the freehold
Andrew Coggings and his wife, Helen, who have leased the Preston Park Tavern for almost three years, completed their deal on 15 June.
He said: “We didn’t really think it would happen. We made enquiries, as everybody did, and Punch came back with a price that was appropriate. Fortunately, in our specific situation, our valuations weren’t far apart.”
Coggings arranged funding for the pub — which is food-led and tied only for beers — through Axis Commercial Finance, which brokered a deal with Abbey.
Punch said last week that the firm would end up selling more than 300 pubs to its licensees.
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