Punch acquired by Majestic Wine owner

US-based Fortress Investment Group, which owns Majestic Wine, has bought Punch Pubs from Patron Capital Partners for an undisclosed sum.

Punch, which is led by chief executive Clive Chesser (pictured), has more than 1,300 pubs across the UK.

Chesser commented, '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.'

Cyril Courbage, managing director of Fortress, added, '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.'

Courbage concluded, '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.'