The pubs, which include the Millstream in Hertford, the Great Eastern Tavern in Hertford and the George IV in Sawbridgeworth, are described as having strong trading histories, established community positions and distinctive heritage.
‘Strategically important’
Punch said the deal represents a small but strategically important addition to its estate as it continues to pursue targeted acquisitions alongside organic growth.
James Croft, group strategy and commercial director at Punch Pubs & Co, said: “We’re delighted to have completed the acquisition of these pubs from McMullen’s. This is a fantastic collection of pubs with real heritage, strong community roots and proven operators running them day to day, and we look forward to welcoming them into the Punch family.
“Our focus remains on long-term partnerships, investing in our pubs and supporting our publicans and management partners to help their businesses succeed as we work towards being the 5-star pub company.”
Scale and strategic direction
McMullen’s said the future stewardship of the pubs and their publicans was central in its decision to sell.
Tom McMullen, joint managing director of McMullen’s, added: “There are some phenomenal independent operators in these businesses, and it was important to us that they transferred to an owner who possesses both the scale and strategic direction necessary to offer improved support, and is willing and able to provide the financial commitment that these pubs deserve.
“We are also grateful to our tenanted operations team who have continued to grow this part of the business and are supporting through the transition.”
So far this financial year, Punch has acquired 35 pubs, underlining its continued appetite for single site and small portfolio acquisitions.
The deal follows Punch’s recent leadership restructure and comes amid a period of improved trading performance, with the pubco reporting EBITDA growth driven by conversions and acquisitions in its most recent financial results.
The acquisition aligns with Punch’s ambition to accelerate growth through single site and small portfolio deals, with the pubco having previously said it plans to double its single site acquisition run rate.
The sale follows a strong year for McMullen & Sons, which reported profit before tax of £16.4m in its most recent results, with growth driven by its managed pub estate and property strategy.
