Punch Pubs, a UK-based pub and bar operator, has expanded its portfolio with the acquisition of 24 Wear Inns pubs from the Milton Three pub group.
The pubs, situated in Yorkshire and the north-east of England, include the Black Bull in Morpeth, the Cross Keys in Washington and the New Inn in Wetherby.
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The move is part of the company’s ongoing strategy to grow its presence in the country.
The acquisition comes on the heels of Punch Pubs’ addition of three Leicestershire pubs to its network in early April 2024.
Punch Pubs & Co 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.”
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By GlobalData“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.”
The company, which has invested more than £192m in its estate since 2018, is actively seeking further acquisition opportunities that align with its strategic growth plans.
Avison Young, alongside Watling Real Estate, was tasked with marketing the licensed premises following the appointment of joint administrators Ryan Grant and Howard Smith from Interpath Advisory at the end of 2023.
Interpath Advisory managing director Ryan Grant 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.”
Punch Pubs, which operates 1,300 pubs across the UK, was itself acquired by the Fortress Investment Group in December 2021. Fortress, a US-based entity under the ownership of Japan’s SoftBank, did not disclose the financial details of the acquisition.
