Wed, 01 May 2024 | COMMERCIAL PROPERTY
A portfolio of 24 pubs across the North East and Yorkshire has been sold to Punch Pubs & Co. The Milton 3 portfolio was previously owned by Milton Portfolio Op Co 3, which went into administration in November 2023.
Interpath Advisory’s Ryan Grant and Howard Smith were appointed as joint administrators and subsequently engaged Avison Young and Watling Real Estate to market the pubs for sale.
Despite performing strongly, the former Wear Inns pubs had been hit by the impact of COVID-19 and were struggling with significant liabilities, which led to them facing increasing financial pressure. Following the appointment of the joint administrators, and in the wake of strong trading over the festive period, the pubs remained open while a buyer was sought.
Burton-based Punch Pubs & Co, which operates around 1,300 sites, has now acquired 24 of the 25 pubs that were originally included in the portfolio. The Victoria in Whitley Bay has been stripped out and sold to Amber Taverns.
Peter Constantine, Managing Director of the leisure team at Avison Young, said that the portfolio had “attracted substantial national interest, which highlights the demand for good quality pubs."
Following the acquisition of the Milton 3 portfolio, Punch Pubs & Co will continue to target further acquisition opportunities, including portfolios and single sites.
Punch Pubs & Co Chief Executive Clive Chesser said: "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. We are looking forward to providing further updates as our plans progress."
Interpath Advisory Managing Director Ryan Grant commented: "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."
The hospitality sector could see an increase in M&A this year
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The full list of pubs acquired by Punch Pubs & Co:
Black Bull, East Boldon
Black Bull, Morpeth
Britannia, Houghton-Le-Spring
Cross Keys, Washington
Dirty Habit, Whickham
Dirty Habit, Whitley Bay
Elephant, Ashington
Greens, Sunderland
Guide Post Inn, Springwell Village
Lambton Arms, Chester-le-Street
Lloyds Arms, Grimsby
Millstone Hotel, Gosforth
New Inn, Wetherby
Old Courthouse, Barnsley
Ox Inn, Oxhill
Porter Cottage, Sheffield
Prior, Doxford Park
Priory, York
Red Lion, Wakefield
Ship & Royal, South Shields
Smiths Arms, Billingham
Sun Hotel, Shipley
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