Punch Taverns has celebrated the New Year with its 300th lease agreement of those pubs identified for transfer from the Spirit Group managed estate.
The completion of the Assembly Inn, on Alfred Street in Bath, is the latest milestone for the pubco as it continues its drive to transfer a total of 750 outlets by the end of 2007.
More than £2.5 million has been spent on upgrading the 300 converted outlets and the remaining 450 pubs have an average turnover of more than £500,000.
Phil Pegler, operations director heading up the transfer to lease programme, said: “The project really gathered momentum towards the end of last year and we were delighted to kick off the year on this milestone.
“The remaining outlets remain some of the most attractive, high turnover pubs on the market today and we’ll be continuing our focus to bring the best existing and emerging licensee talent on board.”
Ian Collins, new lessee at the Assembly, gave up a successful retail management career in London to manage a freehold gastropub in Somerset. Two years later, he is now running his own business as a pub licensee.
He said: “When my family and I first moved to Somerset we were looking for a lifestyle change and managing a pub more than met my hopes and expectations.
“Having helped transform the fortunes of that particular outlet and learned all about the licensed trade I was keen to develop my own business.
“When I discovered some of the local Spirit sites were being transferred to lease I registered on the Punch mailing list and immediately saw the potential of the Assembly.”
Initial customer response has been very positive, with Ian already overhauling the menu and improving the overall range of beers, spirits and wines.
A renewed focus on fresh cooking using quality ingredients sees Ian working in partnership with head chef John Parnell who has been retained from the pub’s managed days.
Phil Pegler added: “Anyone who is interested in taking on their first pub or expanding their portfolio can contact our recruitment team on 0870 1261711 and arrange a meeting.
“Every lease opportunity is listed on punchtaverns.com, with our retailer agreement and training programme ensuring that taking on a pub is accessible to anyone.”
Punch Taverns is the UK’s largest pub company with an estate of more than 9,200 leased, tenanted and managed outlets.
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For more information please contact Nick Trueman or Jo Mathers on 0121 200 0780 or email nicktrueman@sealcommunications.co.uk