Geronimo buys six Punch pubs
Food-led pub operator Geronimo Inns has bought six pubs from Punch Taverns.
The pubs are former Spirit sites in London. Geronimo intends to introduce a more food-led offering at the sites, with an emphasis on sourcing local produce and suppliers wherever possible.
A capital expenditure programme of £1.5 million is planned. It is anticipated that approximately 70 jobs will be created as a result of the deal.
The deal involves four freehold pubs: the Northcote in Clapham, the Prince Albert in Battersea, the Elgin in Ladbroke Grove and the Curtain's Up in West Kensington W14. Geronimo has also bought two leasehold pubs: the Clarence in Whitehall and the Ben Crouch in Wells Street W1.
Each of the pubs is situated in a prominent location complementing the spread of the other Geronimo pubs across London and expanding further into Central London, as well as Geronimo's traditional footprint of London "villages".
Geronimo said each pub will be refurbished and customised to reflect its own particular local area, whilst retaining the company's own inimitable "quirky" style.
The deal means Geronimo's estate will comprise 27 pubs in total, 12 freehold and 15 leasehold, changing the balance of the estate significantly in terms of freehold/leasehold mix.
Rupert Clevely, chief executive of Geronimo Inns, said:"We are delighted to have secured a quality portfolio of pubs to add to Geronimo's existing estate and to have successfully raised capital in a very difficult funding climate.
"The acquisition represents a quantum leap in our development and transforms the balance and scale of our London-based portfolio. We have every confidence that these pubs will thrive with the injection of the entrepreneurial flair and proven food expertise for which Geronimo is renowned."
