TLT cashes in on £326m Punch pubs sale
Bristol firm TLT has advised Punch Taverns on the £326m sale of 869 pubs to market rival Admiral Taverns.
May 02, 2007 at 09:38 PM
2 minute read
Bristol firm TLT has advised Punch Taverns on the £326m sale of 869 pubs to market rival Admiral Taverns.
The deal, which marks TLT's largest ever instruction for regular client Punch, will see the sale of a portfolio of leased and tenanted pubs across the UK.
Real estate partner Julia Lucas led the team for TLT with support from real estate partner Julian Mant and corporate partner John Wood. The regional firm acts for a number of clients in the pub and leisure sector, including Scottish & Newcastle and Welsh company SA Brain.
Lucas, who also heads up TLT's specialist leisure team, said: "There is still of lot of activity in the sector and, with the recent legislative changes and the smoking ban bringing in new work, we are not anticipating a slow-down."
National giant Addleshaw Goddard advised Admiral with real estate associate Tony Norris and corporate partner Geraint Harries in the lead roles. Slaughter and May corporate partner David Johnson advised alongside TLT on the refinancing aspects of the deal.
The sale marks the latest activity in the busy pubs sector, which has generated a steady stream of substantial deals including private equity house GI Partners' acquisition of 290 pubs from Punch and Admiral's £318m acquisition of 769 pubs from Enterprise for last year.
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