Geronimo Inns buys six Punch pubs
Geronimo Inns has acquired six London-based pubs from Punch Taverns including four freehold and two leasehold properties.
The former Spirit pubs include the freehold Northcote in Clapham, the Prince Albert in Battersea, the Elgin in Ladbroke Grove and the Curtain's Up in West Kensington as well as the leasehold Clarence in Whitehall and the Ben Crouch in Wells Street.
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."
Each pub will be refurbished and customised to reflect its locality as part of a £1.5m planned expenditure programme that is expected to generate 70 new jobs.
Geronimo has also stated its intention to introduce a more food-led offering at the pubs with an emphasis on sourcing local produce.
The acquisitions bring the Geronimo estate up to 27 pubs, 12 of which are freehold and 15 leasehold.
Geronimo Inns snaps up former Mitchells pub for £2m >>
By Emma White
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