US-based Fortress Investment Group, owned by SoftBank, of Japan, has purchased Punch Pubs & Co from Patron Capital Partners. Patron purchased the 1,300-strong pub group four years ago. The purchase price has not been disclosed.
Cyril Courbage, managing director of Fortress Investment Group, said: “We are excited to team with Clive and the Punch management, which has done an exceptional job of navigating the challenges of the covid crisis while positioning the business for long-term growth and value creation.
“We believe in providing strong management teams with the flexibility and support to execute their long-term strategic plans. The UK is an extremely attractive investment environment, and we will continue to explore other opportunities in this sector and across the UK, Ireland, and Europe.”
Clive Chesser, chief executive of Punch Pubs & Co, said : “This is very positive news for everyone connected with Punch, and we are extremely excited about the opportunity that lies ahead with Fortress Investment Group.
“Fortress is a hugely experienced investor who understands the strengths of our business and fully buys into our strategic positioning and business plan. We welcome their ambition and commitment to work alongside the existing management team to invest in the business with innovation and capital to ensure our long-term success in what is a highly competitive market.
“I would like to take this opportunity to thank the teams at both Patron Capital and May Capital for the outstanding backing that they have provided during their ownership of the business. Their support has been invaluable over the last four years, none more so of course than during the pandemic.”
