Charles Wells buys 17 tenanted pubs from Punch

08 May 2009 by
Charles Wells buys 17 tenanted pubs from Punch

Punch Taverns has sold 17 tenanted pubs to Charles Wells, taking the number of pubs it has disposed this week past the 40 mark.

The freeholds of the 17 pubs have been bought for an undisclosed sum, with completion expected on 18 May.

Details on the pubs will not be announced until the deal is completed, but Midlands-based Charles Wells confirmed that they will "provide new geographical trading areas for the company".

Anthony Wallis, managing director at Charles Wells Pub Company, said: "These high quality pubs are an excellent addition to the award winning Charles Wells estate and reflect our strategy of investing in great properties and retailers with sustainable businesses."

Purchase of the 17 pubs brings the Charles Wells estate in England to 251, all operated on tenancy or lease agreements.

The deal marks the fourth disposal sale for Punch this week, as it looks to pay off more debt. It sold 13 pubs to Shepherd Neame for £15m, 10 pubs to Manchester brewer and pub operator JW Lees and one pub to emerging operator Heartstone Inns.

Charles Wells moves to help licensees >>

Charles Wells provides further support for licensees >>

Shepherd Neame spends £15m on 13 Punch pubs >>

Heartstone Inns buys fifth site >>

Peach Pub Company buys two freeholds from Punch Taverns >>

Fuller's snaps up Punch pubs in £21.1m deal >>

By Daniel Thomas

E-mail your comments to Daniel Thomas here.

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