Balaclava, the managed pub company, has taken control of the Hobgoblin pubs, to double its pub estate.
The sale comes after Hobgoblin sold its Wychwood Brewery and beer brands to drinks company Refresh UK last month.
Backed by an £11m debt and equity mix from Bank of Scotland, Balaclava has effectivly taken its estate from 27 to 54.
The company was established last year by former Greene King director Leo Murphy. "We're very excited," said Mr Murphy. "This deal represents the next chapter in the Balaclava story."
Prior to the deal, the company was solely a "corporate tenant" of The Punch Pub Company, with all its 27 houses under lease from the quoted giant.
News of the deal was revealed exclusively on thePublican.com on April 4, when it emerged the two parties were in talks.
The high street Hobgoblin pubs are largely located in the Thames Valley and South Midlands areas.
Balaclava aims to build an 200-strong estate of community locals. The company specialises in turning round under-performing houses.
Related articles:
Refresh UK takes control at Wychwood (27 June 2002)
Balaclava and Refresh swoop for Hobgoblin (4 April 2002)