Punch acquires four Mitchell’s of Lancaster pubs out of administration
Punch has acquired four pubs out of administration from brewer and retailer Mitchell’s of Lancaster.
Punch has added The William Mitchell in Morecambe, Th’Owd Tithe Barn in Garstang, The Royal Hotel in Bolton-le-Sands and The Duke of Rothesay in Heysham to its portfolio.
Chief executive Clive Chesser said: “We are pleased to have acquired these wonderful community pubs and look forward to working in partnership with the great publicans and their teams for many years to come.
“We will provide them with Punch’s investment and support to allow them to flourish and ensure they continue to be at the heart of their communities.”
The pubs continue to trade as usual.
With the support of its shareholders, Patron and May Capital, Punch is investing about £30m in its pubs this year and is progressing on a three-year plan to invest £80m in its estate.
William Mitchell founded Mitchell’s of Lancaster in 1871.
The company went into administration in December after its directors failed to source a new refinancing package or investment to address an estimated funding shortfall of £500,000.