Heineken acquires Punch Taverns pub portfolio in UK
Dutch brewing company Heineken has completed an acquisition of Punch Taverns' pub portfolio, as part of a back-to-back deal with Vine Acquisitions.
The acquisition gives the Heineken access to around 1,900 pubs across the UK. The company will move the properties into its Star Pubs & Bars portfolio to create the country’s third largest pub business.
Heineken Europe regional president Stefan Orlowski said: "Investing to grow our UK pub portfolio through this acquisition will enable us to unlock further value in the UK pub market.
"The performance of our Star Pubs & Bars business clearly shows that well invested pubs, in the hands of skilled and ambitious independent operators can outperform and we will seek to replicate that success with these new pubs in partnership with their licensees."
Under a transitional services agreement, Punch will operate the pubs for six months, when they will be integrated into the existing Star Pubs & Bars pub business.
Heineken UK managing director David Forde said: "This is good news for pub-goers across the UK who will see the benefit of well-invested pubs in their communities.
"We welcome the new licensees to Star Pubs and Bars, and look forward to working with them to grow their businesses and create successful pubs in the heart of communities across the UK."