Punch Pubs expands portfolio with acquisition of 24 pubs
The pubs are located in the North East and Yorkshire, including The Black Bull in Morpeth, The Cross Keys in Washington, and The New Inn in Wetherby
Punch Pubs and Co has completed the acquisition of the Milton 3 portfolio, adding 24 pubs to the Burton-based, independent pub company’s 1,300-strong portfolio.
The pubs are located in the North East and Yorkshire, including The Black Bull in Morpeth, The Cross Keys in Washington, and The New Inn in Wetherby.
In addition to the Milton 3 portfolio, Punch remains on the lookout for more “quality” acquisitions, including packages and single-site opportunities that fit well with its “modern” and “progressive” vision and growth plans.
Clive Chesser, Punch Pubs and Co CEO, 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. 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.”
Ryan Grant, managing director at Interpath Advisory, who oversaw the sales process, added: “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.”
Peter Constantine, the managing director of the Leisure team at Avison Young, concluded: “I am delighted that 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.”