Multiple operator Peach Pub Company has bought the freeholds of two of its leased pubs for £2.85m as it eyes expansion.
The deal for the Rose & Crown in Warwick and the Swan in Salford is part of a plan to change the estate from food-led to 50/50 wet and dry — Peach has become a majority free-of-tie operator for the first time. The firm has also revealed plans to more than double its estate to 22 or 23 sites.
"It's good news for Peach that we've been able to get hold of the freeholds to these two awesome pubs, and done it in an incredibly short space of time," said Peach co-founder Hamish Stoddart.
"We knew from the outset that the acquisition was something we really wanted to go for; not only would it make a big difference to the way we do business in these two outstanding pubs, it would also mean we can make our offer even better than it was already — which is good news for our customers too.
"Punch Taverns have been good landlords. We have always taken the view that operator and property partner should work together, so we really never worry about both sides making money.
"In this case, I am sure they will profit from this deal and so will we. We made them a fair offer and they accepted. It's a win-win situation.
"Now that the deal's complete, we're already cracking on with bringing in great beers, cider and real ales, so our line-up has more of the great beers our customers are telling us they want to drink.
"As foodies, we always recognised there was more we could do to make our bar offer stronger, and this gives us the perfect opportunity to do just that and do what we do even better.
"What's more, we're continuing on the acquisition trail. Our goal is 22 - 22 great Peach pubs.
"Right now, we are talking to Punch about more sites; we have a property partner lined up to do another bigger Peach joint venture property deal with Punch providing we can make the property price work for all concerned. Watch this space."