Punch Taverns, the tenanted and leased pub group, has completed its acquisition of Avebury Taverns from Vision Capital, for £219m.
The deal, which includes the assumption of £120m of debt, adds 409 pubs to Punch, taking its estate to just over 8,200 pubs.
About 95% of the Avebury estate is freehold or long-term leasehold.
Punch also expects to acquire approximately £26m of cash balances.
As at April 2005, Avebury’s operating assets were valued at £171m. In the year to April 2005, the business generated profit of £22.2m, equating to just under £55,000 per pub.
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