Punch Pubs & Co has completed the acquisition of the former Wear Inns portfolio, with the addition of 24 pubs to its 1,300-strong estate.
The pubs are located in the Northeast and Yorkshire, including The Black Bull in Morpeth, The Cross Keys in Washington, and The New Inn in Wetherby.
Founded by pub entrepreneurs John Weir and John Sands in 2006, Wear Inns was acquired by real estate investment firm Aprirose for £22.4m in 2018 via its subsidiary Milton Portfolio Holdings 3.
The business entered into administration last year, with 25 sites placed on the market in November 2023. Administration firm Interpath revealed it was running the pubs until a buyer was found.
Punch remains on the lookout for more quality acquisitions, including packages and single-site opportunities that fit well with its ‘modern and progressive’ vision and growth plans.
Punch CEO Clive Chesser said: “We are delighted to have acquired these excellent pubs, and we are excited about the future as we welcome them into the Punch family.
“With the help of our industry-leading investment and support, we will ensure these pubs remain at the heart of their communities and continue to thrive for many years to come. We are looking forward to providing further updates as our plans progress.”
Ryan Grant, managing director at Interpath Advisory, who oversaw the sales process, said: “We are delighted to have reached this agreement, which will see this portfolio of highly profitable, strong performing and established pubs move into new ownership. We would like to thank the many stakeholders who have supported us throughout this process, including all those who assisted in the trading of the venues while the sales process was ongoing. We look forward to seeing Punch take the pubs from strength to strength.”
Peter Constantine of commercial real estate agents Avison Young advised on the deal.
