Punch Pubs & Co Reports Revenue Growth of 11.8% as Acquisition Strategy Accelerates
Punch Pubs & Co has reported an 11.8% increase in annual revenue to £377.8m, alongside continued growth in underlying earnings, as the pub operator accelerates acquisitions and expands its Pub Partnerships model.
In its full-year results for the 52 weeks ended 9 August 2026, the group reported underlying EBITDA of £106.4m, up 8.1% from £98.4m in the previous financial year. Revenue increased from £337.9m in 2025.
The company attributed its performance to like-for-like trading across its Leased & Tenanted and Pub Partnerships divisions, investment in its existing estate, acquisitions and operational efficiencies.
Punch acquired 74 pubs during the year, more than doubling the 35 acquired in the previous period. The purchases included 30 pubs from McMullen’s, three smaller pub portfolios comprising four, eight and five sites respectively, and 27 individual pub acquisitions.
Andy Spencer, CEO of Punch Pubs & Co, said the results reflected the strength of the company’s operating model and its investment in publicans and community pubs.
“This has been another year of strong performance for Punch, which is a testament to our brilliant teams, the fantastic Publicans we work in partnership with, and our clear, disciplined strategy that continues to deliver results,” he said.
Spencer added that investment in training, data and operational support was helping to improve performance across the estate, while the Pub Partnerships model was supporting expansion and profitability.
£68.2m invested in pub estate
Punch invested £68.2m in capital expenditure during the year, including £56m directed towards its existing pub estate and £12.2m spent on recently acquired properties.
Its property assets increased by £104.6m, or 10.3%, to £1.116bn, compared with £1.011bn a year earlier. The group said 93% of its pub portfolio was held on a freehold or long leasehold basis.
The increase in property assets reflected acquisitions and capital investment in existing pubs, including sites upgraded through the group’s conversion programme.
The business also completed a £5.1m cost optimisation programme, which it said had helped establish a more efficient and scalable operating platform.
Investment in training, data tools and operational support remains central to its strategy, with the group seeking to improve pub performance and increase publican earnings.
Pub Partnerships model gathers pace
The group continued to increase the number of pubs operating under its Pub Partnerships model, transferring 96 sites from its Leased & Tenanted division during the year, compared with 36 in the previous financial period.
Punch said the model was gaining momentum and contributing to profit growth, alongside like-for-like performance and investment in its existing estate.
Its portfolio covers a range of locations, customer demographics and operating models, which the company believes provides flexibility to respond to different local markets and supports long-term growth.
Further acquisitions planned
Punch said its acquisition strategy was gathering pace, with opportunities continuing to be assessed across the UK market, which it estimates comprises approximately 45,000 pubs.
The group is pursuing a targeted approach focused on individual pubs and smaller portfolios, with the aim of acquiring, investing in and revitalising community pubs.
Since the end of the financial year, Punch has completed, exchanged contracts on or agreed to acquire a further 12 pubs at an aggregate cost of £12.8m.
Spencer said the company had moved ahead of the ambitions outlined in 2025 and believed its operating platform offered considerable scope for further expansion.
“With around 1,300 pubs in a market of approximately 45,000, we see a significant runway for future growth,” he said.