Former Caterer Adopted Business buys freehold from Punch Taverns

Former Caterer Adopted business the Preston Park Tavern in Fiveways, Brighton, has bought the freehold of the pub from landlord Punch Taverns.

Andrew and Helen Coggins have leased the pub from Punch for the past two years but have now purchased the freehold for an undisclosed sum.

Andrew Coggins said: “It is such a great opportunity to buy the freehold of a pub and we’ve put a huge amount of investment and care into making this pub a success, so we are absolutely thrilled.”

The couple worked with mortgage broker Nick Lewis-Perrins at Axis Commercial Finance to pull off the deal.

The move followed Punch’s decision in February to widen the offer of freeholds beyond the 500 leaseholders initially earmarked.

Earlier this year, the Coggins launched a second Brighton pub, the Chimney House, which features a menu based on local, seasonal ingredients and modern British food.

Punch is offloading as many pubs as it can at the moment as it looks to pay down its significant debt. Earlier this week it launched a £350m share issue to raise additional capital.

Catch up with our latest crop of Adopted Businesses in our Best for Business feature

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By Chris Druce

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