InnBrighton bags four Punch pubs
InnBrighton, operator of 42 licensed premises in the city of Brighton and Hove, has acquired four freehold pubs from Punch Taverns.
The operator paid approximately eight times earnings for the sites, which it had been operating on a tied leases for ten years.
The four sites — the Open House, the Railway Hotel, the Hampton Arms and the Funky Buddha Lounge — are all centrally located, the latter being a late night bar and club on Brighton's seafront. The company plans to immediately refurbish The Railway and The Hampton.
"This is an excellent acquisition of four sites in prime locations, which will greatly enhance our free estate and therefore afford us greater buying options," said chief executive Gavin George.
"We were already operating these sites on a leasehold basis, but are pleased to have them as free houses where their profitability will now increase significantly."
Chairman Gary Pettet added: "We are grateful to our bankers, The Royal Bank of Scotland, for the support they have shown in funding this deal, and to the sellers, Punch Taverns, for the speed and professionalism with which they carried out the transaction.
"This was a once in a lifetime opportunity to buy these fantastic sites and is an acquisition that fits perfectly with InnBrighton's strategic development."
