Shepherd Neame acquires 13 Punch pubs

8th May 2009, 2:55pm

Shepherd Neame has announced an agreement to buy 13 freehold pubs and associated pub-specific assets from Punch Taverns PLC for over £14 million in cash.

The transaction is expected to be complete on 26th May. This brings Shepherd Neame's total estate to 378 pubs comprising 49 managed pubs and 329 tenanted and leased pubs.

The pub group's strategy will be to continue to drive the overall quality of the estate through selective acquisitions and disposal of low yielding pubs and unlicensed properties.

Commenting on the acquisition, Jonathan Neame, chief xecutive, said: "This is an excellent opportunity to acquire a package of high quality individual pubs within our core trading area. The acquisition is in line with our strategy and will further improve the quality of our pub estate."

Related Articles:

• 23 Feb 2012 - Wine bar opens at historic London pub
• 21 Sep 2011 - Over 250 Punch pubs make CAMRA’s Good Beer Guide 2012
• 25 Jan 2011 - People moves at Punch Taverns pub company
• 25 Aug 2009 - Punch blames poor trading on lack of sunshine
• 16 Jun 2009 - Punch Taverns remain 'very cautious'
• 29 Apr 2009 - Punch Taverns offloads pubs worth £91m
• 27 Mar 2009 - Punch Taverns sells six of its pubs to Fuller's
• 10 Nov 2008 - Profits slump at Punch Taverns
• 03 Sep 2008 - Punch investors to go without dividend
• 18 Apr 2008 - Punch ends talks with M&B
• 27 Mar 2008 - Shepherd Neame reveals its interim results

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