Pubs chain Geronimo Inns has secured £10m in funding from its private equity and banking backers to buy six London pubs from Punch Taverns.
The group, which operates 22 pubs in the capital, is thought to have secured the businesses being sold by Punch, which last year put more than 500 of its pubs up for sale amid crippling debt obligations. Punch reports results next week which are likely to show a trading upturn.
Geronimo, which was recently named small pub company of the year by Publican magazine, last year posted operating profits of around £600,000. A Geronimo spokesman declined to comment.
Independent On Sunday