Punch Taverns signs 300th lease agreement
Pub giant Punch Taverns has signed its 300th lease agreement of those properties identified for transfer from the Spirit Group managed estate.
The completion of the Assembly Inn, in Bath, is the latest milestone for Punch as it continues its drive to transfer a total of 750 outlets by the end of 2007.
Punch Taverns, the UK's largest pub company with an estate of more than 9,200 leased, tenanted and managed outlets, has spent more than £2.5m on upgrading the 300 converted outlets.
The remaining 450 pubs have an average turnover of more than £500,000.
Phil Pegler, operations director, said: "The project really gathered momentum towards the end of last year and we were delighted to kick off the year on this milestone.
"The remaining outlets remain some of the most attractive, high turnover pubs on the market today and we'll be continuing our focus to bring the best existing and emerging licensee talent on board."
Ian Collins, new lessee at the Assembly, said: "When I discovered some of the local Spirit sites were being transferred to lease I registered on the Punch mailing list and immediately saw the potential of the Assembly."
Anyone who is interested in taking on their first pub or expanding their portfolio can contact Punch's recruitment team on 0870 1261711 and arrange a meeting.
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By Daniel Thomas
E-mail your comments to Daniel Thomas](mailto:daniel.thomas@rbi.co.uk?subject=Punch Taverns signs 300th lease agreement) here.
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