Punch Taverns plc : New lease agreement steps up co-investments with Punch
January 27, 2012 at 11:02 am EST
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Date
27 January 2012
Title
New lease agreement steps up
co-investments with Punch
Press Release
Punch Taverns, the second largest
operator of leased pubs in the UK, is
looking to step up co-investments with the
best licensees in the sector after early
success with its new lease agreement.
The company's new lease scraps rent reviews
unless a licensee requests one and allows
licensees to earn market rate discounts on
beer sales if they over-perform.
This new deal has led to more
entrepreneurial licensees choosing to take
Punch pubs, not least because the company
is happy to consider co-investment
schemes.
One example is the Riverside Pub & Kitchen
at Farndon, near Newark, which received a
£500,000 investment from the company and
its tenants James Bull and Ross
Tunaley.
It's been transformed into a contemporary
village pub, making the most of its
stunning location next to a river. The pub
is the first site for Bull who previously
gained experience in the trade during a
13-year career at Probably a Pub Company,
the multi-site operator that has a number
of Punch pubs.
Bull and his business partner Tunaley, who
has a background in finance, have set up a
company called Distinctive Inns to open
more quality pubs in the East Midlands.
They have a second Punch pub lined-up in
Nottingham, where there is another £500,000
joint investment planned.
Punch chief executive Roger Whiteside said:
"The Riverside is typical of the way we
intend to invest in our core estate to
create the best leased estate in the UK -
our licensees and our pubs will receive the
investment they need to ensure they are the
best pubs of their type in the UK."
Another example of co-investment is the
Bull in Watton at Stone, near Stevenage,
where Punch and licensees Alistair and Anna
Bramley co-invested £240,000. Punch
invested around £150,000 while the Bramleys
chipped in with £90,000 to create a warm
and welcoming village local.
This year, Punch will invest £40m in around
400 core pubs, which is an average of
£100,000 per pub.
Whiteside added: "The fundamental change in
mindset in Punch has been to recognise that
we can't succeed at the expense of our
licensees. We have had to find ways of
growing profits for both ourselves and our
licensees. We have undertaken a complete
overhaul of the way we do business in order
to create a solid platform on which we
could return to growth in our core pubs,
which are now receiving considerable
investment. Co-investments are proving a
very successful way of allowing licensees
to realise their vision for a particular
pub."
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