Transfer from Spirit to leases complete
Christie+Co has successfully transferred in excess of 650 ex-Spirit Group Punch leases. The agent marketed 727 businesses, in three tranches, with the first wave commencing in 2006.
Colin Wellstead, of Christie+Co, said: "I thought that this would be an extremely successful campaign, but I don't think anybody could have predicted being able to sell 650 leases in 18 months.
"This is a phenomenal achievement for Christie+Co and the dedicated Punch lettings team."
Wellstead attributes much of the campaign's success to the team work between Christie+Co and Punch.
"Punch operated the interview and selection processes at our regional offices. We haven't done this before, but it was a runaway success," said Wellstead.
"The quality of pubs on offer attracted some very experienced licensees and I think it attracted some people back to the trade."
The portfolio of businesses had an average turnover of £500,000 to £550,000.
The vast majority of the pubs were let to individuals, with fewer than 5% let to multiple operators. The largest group acquisition was by Clear Pub Company (CPC), formed by two ex-senior Punch managers. CPC brought 25 sites with a combined turnover of £14m in July this year.
Some of the remaining pubs are back under management permanently, while others are under temporary management.
A handful of pubs are still on the market or in the process of being transferred.
"The lease market has evolved considerably in 20 years", added Wellstead.
"Clearly, the Punch Taverns project has contributed to this evolution.
"The shortage of freehold pubs available in the market means demand now considerably exceeds supply. "
