Punch reveals 24-pub package acquisition
The pubs are located in Yorkshire and the north-east, including the Black Bull in Morpeth, the Cross Keys in Washington and the New Inn, Wetherby.
This is the second acquisition announcement from the group this month (April) as it also revealed three Leicestershire pubs were joining Punch’s 900 leased and tenanted sites almost three weeks ago.
On the latest purchase, CEO Clive Chesser said: “We are delighted to have acquired these excellent pubs and we are excited about the future as we welcome them into the Punch family.
“I would especially like to thank Kamran Aziz and the Queensway Advisory team, who continue to provide their management services as the pubs and their teams transfer into the Punch business."
Plan progression
He added: “With the help of our industry-leading investment and support, we will ensure these pubs remain at the heart of their communities and continue to thrive for many years to come.
“We are looking forward to providing further updates as our plans progress.”
Avison Young was appointed to market the licensed premises with Watling Real Estate by joint administrators Ryan Grant and Howard Smith of Interpath Advisory at the end of last year.
Ryan Grant thanked those involved and said: “We are delighted to have reached this agreement, which will see this portfolio of highly profitable, strong performing and established pubs move into new ownership.
“We would like to thank the many stakeholders who have supported us throughout this process, including all those who assisted in the trading of the venues while the sales process was ongoing. We look forward to seeing Punch take the pubs from strength to strength.”
National interest
Avison Young leisure team managing director Peter Constantine outlined the previous interest in the pubs.
He added: “I am delighted the sale of these excellent community pubs has completed and I am sure they will prosper within the Punch portfolio.
“The sale attracted substantial national interest, which highlights the demand for good quality pubs.”
The pub company, which has invested more than £192m into its estate over the past six years, is continuing to pursue acquisition opportunities, including packages and single-sites that fit will within its growth plans.
