Geronimo snaps up six pubs from Punch Taverns
LONDON pub operator Geronimo Inns yesterday snapped up six sites from heavily indebted Punch Taverns for an undisclosed sum.
Geronimo Inns, backed by private equity firm Penta Capital, said it plans “a significant capital expenditure programme of £1.5m,” and around 70 jobs would be created as a result of the deal.
The six pubs, currently part of Punch’s Spirit managed estate, include The Northcote in Clapham, The Prince Albert in Battersea, The Elgin in Ladbroke Grove and The Curtain’s Up in West Kensington, as well as two leasehold sites, The Clarence in Whitehall, and Ben Crouch in Wells Street, in the heart of London’s West End.
Geronimo, which currently has 21 outlets, was founded by Rupert Clevely, a former champagne marketing executive who switched to running pubs in 1995. Since March Punch Taverns has off-loaded over 60 pubs to tackle its £4.5bn debt pile.