Ex-Punch tenants set for £30K saving

A pair of former Punch tenants believe they will be £30,000 a year better off after buying the freehold of their pub.

Business partners Joe Cussens and Justin Stanley completed the purchase of the Marlborough Tavern in Bath for an undisclosed sum yesterday.

The pair took on the lease in March 2006 and undertook a self-funded £150,000 refurbishment to convert the outlet to a food-led pub but felt there were penalised for their improvements at their last rent review.

"It's nice to know that all the hard work we've put in building the business now has a degree of permanence," said Cussens.

"We are not going to miss Punch but neither am I going to slag them off. We went in to the pub with our eyes wide open. We would not have had a pub if we had not taken a lease as we could not have afforded a freehold then. You have to accept it warts and all."

Cussens and Stanley managed to get funding from Abbey through Acorn Finance and are paying "marginally more" on their mortgage than they were for their rent. Punch accepted their original offer for the pub laid down in May.

"In terms of rent versus mortgage there is not a lot in it but we think we will make big savings on our wet purchases — we think around £30,000 a year."

The duo have struck a supply deal with Waverley TBS and plan to increase their range of local cask ales and speciality beers.

Despite the cost savings he anticipates from buying the freehold, Cussens has a word of warning for the anti-beer tie campaigners.

"You read a lot about the campaign for pubs to be free of tie but I think it is a bit of a fantasy world. There is no way that Punch would give up the tie and not increase rents."