Muckle advises on a rescue deal for pub portfolio
Lawyers from our restructuring, commercial and employment teams have facilitated the seamless transfer of the management of a 24-pub portfolio following the portfolio’s purchase from its administrators to a new buyer.
Our client, Q Pub, led by Kamran Aziz, is a locally-based management company that primarily focuses on the hospitality industry. Q Pub was instrumental in Punch Pubs & Co's recent acquisition of 24 pubs from Milton Portfolio Property 3 Ltd allowing for consistent management throughout the acquisition process and beyond.
Supporting business recovery
Following Milton Portfolio Op Co 3’s collapse into administration in November 2023, Q Pub stepped in to facilitate the day-to-day running of the pubs on behalf of the portfolio’s administrators, Ryan Grant and Howard Smith of Interpath Advisory (Interpath).
The continuing management by Kamran and his team enabled the pubs to continue serving their local communities and ensured the safety of all 264 jobs whilst Interpath searched for a suitable buyer.
Clive Chesser, CEO of Punch Pubs said: “We are delighted to have acquired these excellent pubs, and we are excited about the future as we welcome them into the Punch family. I would especially like to thank Kamran Aziz and the team, who continue to provide their management services as the pubs and their teams transfer into the Punch business.”
The portfolio of pubs is spread across the North East and Yorkshire, with locations including The Millstone Hotel in Gosforth, The Black Bull in Morpeth, and The New Inn in Wetherby.
Cross-team advice
Sarah Farish, associate in our restructuring team, led on the deal management, inputting on the transitional services agreement. She assisted Alex Craig, partner, and Tom Justice, associate, in our commercial team, who advised on the commercial terms of the transfer.
Lisa Kelly, partner in our employment team, supported with employment advice, given the significant amount of employees across the portfolio and the impact of the ultimate change in ownership from Interpath to Punch Pubs & Co.
Sarah said: “Kamran and his team do such great work, and we were delighted to support them in achieving this successful outcome. We are proud to play even a small role in the restructuring and recovery of businesses, especially those in such unpredictable sectors such as hospitality.”
Kamran said: “I have worked with the team at Muckle for many years, and there is a reason they are my trusted adviser. Sarah, Tom and Lisa were proactive, diligent and highly efficient throughout the transaction, and provided excellent advice.”
For more information, please contact Sarah Farish using [email protected] or 0191 211 7898.