Peach Pub Company co-founder Lee Cash has described the £2.85m deal to buy the freeholds of two of its existing sites from Punch Taverns as the business “coming full circle”.
Cash founded Peach seven years ago with Hamish Stoddart and the purchase of a Punch lease for their first site the Rose & Crown in Warwick.
Peach has now bought the freehold of the Rose & Crown and the Swan in Salford, Milton Keynes from the pub giant, with finance from Royal Bank of Scotland.
“Having launched the business with the Rose & Crown, it feels like we have come full circle,” Cash told Caterersearch.
The deal sees Peach become a majority free-of-tie pub estate for the first time, with six free-of-tie pubs in a portfolio of ten.
The move comes as Punch is believed to be unofficially soliciting offers for any of its pubs as it seeks to mitigate the falling sales affecting the licensed trade and service its significant debt. Last week, pub operator Fuller's paid Punch £21.1m for six Spirit Group pubs in central London.
Last month, Peach launched its 10th pub, the Embankment in Bedford, which is a Charles Wells lease. It is the third pub operated by Peach joint-venture partner Andrew Coath and Peach aims to grow to 22 sites.
Cash is currently a mentor for Caterer’s Best For Business series.
Peach Pub Company - a Best Places to Work in Hospitality award winner >>
Peach Pubs appoints first director of operations >>
New manager for former The Restaurant winners’ pub >>
By Chris Druce
E-mail your comments to Chris Druce here.
Caterersearch.com jobs
Looking for a new job? Find your next pub job here with Caterersearch.com jobs
|
|
Newsletters
For the latest hospitality news, sign up for our e-mail newsletters. | | |