Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

Punch Taverns agrees £403m takeover by Heineken and partner

15 December 2016 by
Punch Taverns agrees £403m takeover by Heineken and partner

Pub firm Punch Taverns has agreed a takeover bid from Heineken that values the business at £403m.

Heineken, supported by investment firm Patron Capital, is to buy the Punch business through a vehicle called Vine Acquisitions and has agreed to pay 180p per share, which values Punch at £403m.

Heineken will pay £305m to Vine to add 1,900 of Punch's estate of 3,500 sites to its existing Star Pubs & Bars portfolio, which numbers 1,100.

Vine, controlled by Patron, will retain the remainder.

David Forde, managing director of Heineken UK, added: "Today's announcement is a huge vote of confidence in the great British pub. Our proven track record of success demonstrates that well invested and well run pubs in the leased and tenanted sector can thrive. Today's development is good news for pub-goers across the UK who will see the benefit of better pubs in their communities.
"We look forward to welcoming new licensees into Star Pubs & Bars, and to working with them to grow their businesses."

Stephen Billingham, chairman of Punch, said: "The Punch board and management team have positioned Punch to drive long term value for shareholders and our recent performance has demonstrated the successful execution of this strategy, reflecting the hard work and quality of the whole Punch team. While the board did not solicit this offer for the company, we believe this is a good outcome for shareholders as the offer provides cash certainty at a significant premium."

Heineken makes takeover bid for Punch Taverns >>

Punch back in the black after disposals >>

The Pubs Code comes into force >>

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking