Urban Pubs and Bars acquires Fleet Street's Punch Tavern
The Punch Tavern, a Grade II-listed public house on Fleet Street has been bought by Urban Pubs and Bars in an off market deal.
The deal was secured by business property adviser, Christie & Co as part of Urban Pubs and Bars' plan to expand the brand.
William Langton from Christie & Co's Central London Licensed Leisure team said: "We were asked by the owner to approach interested parties on an off market basis and received strong interest driven, in particular by the fantastic location, history and reputation of the current operation as well as the future potential.
"The positive interest displayed from the commencement of the confidential marketing process shows there is appetite to acquire tied pubs in Central London despite concerns over MRO and National Living Wage. Central London continues to defy the odds with plenty of demand for reasonably priced assets."
Urban Pubs and Bars was founded in 2014 by former Whitbread employees and Realpubs founders Nick Pring and Malcolm Heap. In 2011, they sold Realpubs to Greene King for £53.1m.
Heap said: "The Punch Tavern is a fantastic traditional pub in the City that has served the local business community for decades, most notably being the meeting spot for workers and journalists from Punch magazine over the years. As a Grade II-listed building, its charm and historic features will be maintained and enhanced as we seek to create what we spent many years doing in our past company, a real pub in the heart of the city with a true independent feel, offering a concise, no-frills menu around fresh seasonal produce."
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