McMullen & Sons (McMullen’s) has sold a portfolio of 27 tenanted pubs and three smaller managed pubs to Punch Pubs & Co (Punch) for an undisclosed price.
The pubs are located in Hertfordshire, Essex and Greater London and have been part of the company for an average of more than 120 years.
The disposal of the tenanted division will enable McMullen’s to develop and grow its 86-strong managed house and hotels division.
The sale was undertaken after an extensive strategic review undertaken in conjunction with CBRE over the past 12 months.
Simon Johnson, from CBRE’s OPRE team, said: “In a confidential process we identified a small number of corporate buyers that would see the addition of these well-located and profitable pubs as significantly enhancing, and after a swift but intense process were delighted that Punch were able to transact on the whole of the division.”
