The Punch Tavern on Fleet Street sold by Christie & Co
Specialist business property adviser, Christie & Co have sold the Punch Tavern on Fleet Street in an off market deal to Urban Pubs & Bars.
The well known City of London pub has a strong reputation for high quality food and won a Great Taste Award in 2014 for their pies. There has been a pub on the site since the 17th century and the Grade II listed Victorian building, was re-fitted as a Gin Palace by the famously big spending Baker Brothers. It was finished at the time of Queen Victoria’s Diamond Jubilee, when she drove past on her way to St Paul’s.
Urban Pubs & Bars was established in 2014 by Nick Pring and Malcolm Heap following the £50m sale of their former company Realpubs to Greene King. They are currently expanding the brand and the purchase of the Punch Tavern is their 13th venue in London.
Malcolm Heap, Director at Urban Pubs and Bars comments, “The Punch Tavern is a fantastic traditional pub in the City that has served the local business community for decades, most notably being the meeting spot for workers and journalists from Punch magazine over the years. As a grade II-listed building, its charm and historic features will be maintained and enhanced as we seek to create what we spent many years doing in our past company, a real pub in the heart of the city with a true independent feel, offering a concise, no-frills menu around fresh seasonal produce.”
William Langton from Christie & Co’s Central London Licensed Leisure team comments, “We were asked by the owner to approach interested parties on an off market basis and received strong interest driven, in particular by the fantastic location, history and reputation of the current operation as well as the future potential. From the outset, Malcolm and Nick showed their intent and have been a pleasure to work with throughout the process. We look forward to seeing what will be on offer from the new concept considering our office is based around the corner!
“The positive interest displayed from the commencement of the confidential marketing process shows there is appetite to acquire tied pubs in Central London despite concerns over MRO and National Living Wage. Central London continues to defy the odds with plenty of demand for reasonably priced assets.”