The Peach group of pubs has bought the freehold of two of its most popular pubs in a deal worth nearly £3 million.
With pubs across the Midlands and Oxfordshire, it bought the freeholds of one in Milton Keynes and the award-winning Rose and Crown in Warwick. In the last year it has expanded its business from seven to ten pubs, the newest being The Almanack in Kenilworth.
Acquiring the two freeholds from pub group Punch will open new trading opportunities for the non-food side of the business and let it expand further, it said. Co-founder Hamish Stoddart said: “Getting hold of the freeholds for these two awesome pubs was a terrific opportunity for us and one that will make a big difference to the way we do business. The Rose & Crown in Warwick was our first pub, setting us well on our way to becoming the best pub operator in all the great towns we’re in, so it’s fitting that we’ll be able to use it as the catalyst for even more growth across our business.
“ The deal effectively means we open up our estate and take full advantage of new trading opportunities to make our offer even better than it already is. That’s good news for everyone, especially our customers.”
Funding for the deal was provided by the Birmingham office of RBS, which has worked with Peach for the last three years. Mr Stoddart added: “We’re continuing on the acquisition trail. Our goal is Peaches 22 – 22 great Peach pubs in great market towns.
“Right now, we are talking to Punch about more sites; we have a property partner lined up to do another bigger Peach joint venture property deal with Punch providing we can make the property price work for all concerned. Expect to see the arrival of more Peach pubs in the area soon.”