Peach Pub Company buys Punch pubs for £2.85m

Award-winning multiple operator Peach Pub Company has bought the freeholds of two pubs it leases from Punch Taverns for £2.85m.

The deal to buy the Rose & Crown in Warwick and the Swan in Salford sees Peach become a majority free of tie pub estate for the first time.

The operator, which runs 10 sites, said it was aiming to shift the pubs' trading split from being food-led to 50:50 wet and dry.

Peach co-founder Hamish Stoddart said: "It's good news for Peach that we've been able to get hold of the freeholds to these two awesome pubs, and done it in an incredibly short space of time.

"We knew from the outset that the acquisition was something we really wanted to go for; not only would it make a big difference to the way we do business in these two outstanding pubs, it would also mean we can make our offer even better than it was already - which is good news for our customers too."

In what will be music to the pubco's ears, Stoddart said Punch Taverns had been good landlords.

"We have always taken the view that operator and property partner should work together, so we really never worry about both sides making money. In this case, I am sure they will profit from this deal and so will we. We made them a fair offer and they accepted. It's a win-win situation."

Stoddart said Peach would stay on the acquisition trail.

"Our goal is Peaches 22, 22 great Peach pubs. We are talking to Punch about more sites; we have a property partner lined up to do another bigger Peach joint venture property deal with Punch providing we can make the property price work for all concerned. Watch this space."

Last month Peach won Multiple Operator of the Year - 2-19 outlets at the 2009 Publican Awards, held in London.