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Geronimo snaps up six pubs from Punch Taverns

LONDON pub operator Geronimo Inns yesterday snapped up six sites from heavily indebted Punch Taverns for an undisclosed sum.<br /><br />Geronimo Inns, backed by private equity firm Penta Capital, said it plans &ldquo;a significant capital expenditure programme of &pound;1.5m,&rdquo; and around 70 jobs would be created as a result of the deal.<br /><br />The six pubs, currently part of Punch&rsquo;s Spirit managed estate, include The Northcote in Clapham,&nbsp; The Prince Albert in Battersea,&nbsp; The Elgin in Ladbroke Grove and The Curtain&rsquo;s Up in West Kensington, as well as two leasehold sites, The Clarence in Whitehall, and Ben Crouch in Wells Street, in the heart of London&rsquo;s West End.<br /><br />Geronimo, which currently has 21 outlets, was founded by Rupert Clevely, a former champagne marketing executive who switched to running pubs in 1995. Since March Punch Taverns has off-loaded over 60 pubs to tackle its &pound;4.5bn debt pile.