Peach buys Punch pubs

6th April 2009, 10:13am

The Peach Pub Company has today announced the completion of a £2.85m deal to purchase from Punch Taverns the freeholds of two of its leased pubs, The Rose & Crown in Warwick and The Swan in Salford.

The deal, which puts Peach at least two weeks ahead of other operators also negotiating on Punch freeholds, means Peach becomes a majority free of tie pub estate for the first time, opening up new trading opportunities for the wet side of the business.

Peach is aiming to shift the balance from being food-led to 50:50 wet and dry.

Peach co-founder Hamish Stoddart explained what this means for the business: "It's good news for Peach that we've been able to get hold of the freeholds to these two awesome pubs, and done it in an incredibly short space of time. We knew from the outset that the acquisition was something we really wanted to go for; not only would it make a big difference to the way we do business in these two outstanding pubs, it would also mean we can make our offer even better than it was already - which is good news for our customers too.

"Punch Taverns have been good landlords. We have always taken the view that operator and property partner should work together, so we really never worry about both sides making money. In this case, I am sure they will profit from this deal and so will we. We made them a fair offer and they accepted. It's a win-win situation."

Related Articles:

• 12 May 2011 - Punch launches national pub quiz competition
• 18 Mar 2011 - Punch pubs donate £3,000 to Children In Need
• 25 Aug 2009 - Punch blames poor trading on lack of sunshine
• 16 Jun 2009 - Punch Taverns remain 'very cautious'
• 15 May 2009 - Corkin wine prices at Punch pubs
• 29 Apr 2009 - Punch Taverns offloads pubs worth £91m
• 17 Feb 2009 - Ex-Barracuda man joins Peach Pubs
• 25 Sep 2008 - Peach Pubs scoops Best Customer Service Award

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