Reports from January highlight a market where deal activity is increasingly concentrated among well-capitalised groups targeting established sites, community pubs and assets with long-term potential.
Urban Pubs & Bars
Urban Pubs & Bars completed 15 acquisitions in the past 12 months, including a fast start to 2026.
Last month the London operator acquired six sites, four established venues from Brunning & Price, The Prince Regent in Herne Hill, and The Birdcage in Columbia Road, purchased from BrewDog.
Punch Pubs & Co
Punch strengthened its estate through the acquisition of 30 pubs from McMullen’s, focused on Hertfordshire and Essex.
The deal brings Punch’s total acquisitions to 35 pubs so far this financial year, underlining its continued appetite for single site and small portfolio transactions.
NEOS Hospitality
NEOS doubled the size of its estate after acquiring 20 Revolution, Revolución de Cuba and Founders & Co sites through a pre-pack administration.
The transaction secured more than 800 jobs, expanding NEOS to 40 venues across 22 UK cities.
A further 21 sites from The Revel Collective were acquired separately by Coral Pub Company, while 21 locations closed.
Star Pubs
Star Pubs announced plans to convert 35 pubs to its Just Add Talent managed model in 2026, taking the number of JAT sites to more than 250 by the year end.
The rollout follows significant recent investment, including a £330,000 refurbishment at the Earl of Beaconsfield in Cambridge. In 2025, Star added 32 JAT pubs with an average investment of £255,000 per site, creating around 200 jobs.
Amber Taverns
Amber Taverns confirmed plans to open around 20 new pubs each year, following strong festive trading.
The wet-led operator reported like for like sales growth of 9% over the Christmas period and said recently opened sites were trading ahead of expectations, reinforcing confidence in its community-focused retail model.
Shepherd Neame
Shepherd Neame reopened the Hoop & Grapes in Farringdon this week, following a £1.8m refurbishment.
The Grade II-listed pub, closed since 2019, marks the brewer’s continued investment in its premium London estate, with sustainability upgrades and a reworked F&B offer.
Stonegate
Stonegate pledged to invest £30m into its Pub Partners estate during 2026, following a £12m spend in the first quarter of the financial year.
The funding will support targeted property improvements, outdoor trading upgrades and a new co-investment programme, alongside continued investment in systems and partner support.
Black Sheep Brewery
Great British Drinks Company completed a £6.5m rescue deal to acquire Black Sheep Brewery, safeguarding 145 jobs.
The transaction includes £4.5m for the acquisition and a further £2m earmarked for future investment, bringing Black Sheep alongside a portfolio of regional brewing brands under the group’s stewardship-led model.
JD Wetherspoon
JD Wetherspoon outlined plans to open 15 new pubs during FY26, despite absorbing a £45m rise in operating costs.
The pubco reported 4.5% like for like sales growth for the first half of the year and continues to pursue selective expansion, including new UK sites and its first opening in mainland Spain.
Investment against a challenging backdrop
The deal activity comes as employment pressures intensify across hospitality.
According to the latest S&P Global UK Services PMI, employment across the service economy has now fallen for 16 consecutive months, the longest period of job shedding since the global financial crisis, with hospitality among the hardest-hit sectors.
Almost 9,000 hospitality jobs were lost in December alone, while industry surveys indicate nearly a third of operators now have no cash reserves.
While rising labour costs, business rates and input price inflation continue to weigh on margins, the pace of investment highlights a sector increasingly split between operators under acute financial strain and those with the balance sheet strength to keep injecting capital.
This analysis indicates a more selective market, with buyers focusing on assets with strong local trade, conversion potential or long-term redevelopment value.
