Punch Pub Company, one of the UK's most progressive and innovative operators of leased and tenanted pubs, has acquired the Hydro in Redcar, Cleveland.
Punch purchased the outlet on West Terrace from freeholder Roy Morley.
The Hydro will be integrated into the company's national estate, which comprises more than 4,000 pubs, and operate on a leasehold basis. However Roy will continue to run the pub until Punch recruits a permanent licensee.
Neil Griffiths, Punch Pub Company's director of acquisitions, said: "We are always looking for pubs with good locations and potential for development.
"In the past year alone we have acquired 90 individual outlets worth a total of more than £30 million.
"Many of these acquisitions came as direct approaches from freeholders looking to sell their pubs quickly and confidentially and often taking the route of sale and lease back.
"This gives them a cash injection into the business, while allowing them to continue running the pub.
"The Hydro is a welcome addition to the Punch portfolio and we look forward building up a successful and profitable partnership with the new licensee."
To aid its acquisitions programme, Punch Pub Company runs a bounty scheme where people can earn a £2,500 reward for spotting an available pub, providing Punch was not already aware of it and goes on to make a successful purchase. For details, telephone 01543 443500.
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