Punch Pubs sold to US private equity investor Fortress
Punch Pubs has been bought by the private equity investor Fortress in a deal for almost 1,300 British pubs thought to be worth as much as £1bn.
The company’s pub landlords employ about 20,000 people, although Punch employs only 280 people directly.
Punch owns more than 90% of the freeholds of its properties, making it an attractive target for private equity owners. It is also focused on rural and suburban pubs which have been less affected by absent commuters than city centre-focused chains.
Fortress is backed by Japan’s Softbank and also owns Majestic Wine, a British chain of off-licences that it bought in 2019. Its latest purchase comes after it lost out in a protracted bid battle to acquire Morrisons in the autumn, being narrowly outbid in
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