Punch Pubs & Co has acquired a portfolio of 24 pubs in the North East and Yorkshire, which were formerly owned by The Milton Three Pub Group, from administrators Interpath.
In November last year, Interpath was appointed to find a buyer for the Milton Portfolio Op Co 3 comprising 25 pubs formerly owned and operated by Wear Inns.
The sale attracted two rounds of competitive bids, with a high level of interest from corporate trade operators, and saw Punch Pubs and Co eventually secure 24 sites and Amber Taverns acquire The Victoria pub in Whitley Bay.
Throughout the administration process, the pubs were operated by Queensway Advisory with the portfolio’s overall trading performance exceeding the same period as last year.
Emma Turnbull, from Avison Young, which was appointed to market the portfolio alongside Watling Real Estate, said: “Interest exceeded our expectation which demonstrates that the market remains strong for the right pub product in, what is, considered to be a difficult trading environment. I look forward to following the progress of the pubs, many of which are local to me, as Punch gradually incorporate them into their portfolio whilst maintaining the management services of Queensway Advisory in the interim period.”
