Punch acquires 24 pubs in ongoing expansion drive

Punch Pubs & Co has acquired 24 pubs from the Milton Three pub group, the operator of the Wear Inns portfolio that fell into administration last year.

 

Twenty-five Wear Inns pubs, all of which are located in the north-east of England and Yorkshire, were put up for sale in February.

 

The pubs which form part of the sale include the Black Bull in Morpeth, the Cross Keys in Washington, and the New Inn in Wetherby (pictured).

 

Punch said it “remains on the lookout” for more acquisitions, ranging from packages to single-site opportunities.

 

Clive Chesser, co-chief executive of Punch, 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.”

 

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.”

 

Punch, which operates 1,300 pubs across the UK, was acquired by Fortress Investment Group, a US-based investor owned by Japan’s SoftBank, for an undisclosed sum in December 2021.

 

In November last year, the pub group also appointed three strategic advisors to the board, including Dame Karen Jones, current non-executive director of Whitbread and Mowgli.