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8 Spirit Pub Company
Key personnel: Mike Tye, chief executive; Chris Welham, Spirit Leased MD
Spirit Pub Company has come a long way since its demerger from Punch Taverns three years ago. Boss Mike Tye has knocked the company into shape, ready for a new phase of growth, with plans to ramp up expansion of its brands. It has also converted pubs to its new premium model as well as experimenting with a “posh local” format. Spirit sold the freehold of the Black Lion in London’s Bayswater (pictured) for £27m — an EBITDA multiple of about 39x. Leased division MD Chris Welham has hailed the flexible agreements the company offers — including a deal where licensees pay a percentage of turnover instead of rent — as a key factor in a spike in applications from potential publicans.
