Milton Portfolio Op Co 3 - Case Update

Ryan Grant and Howard Smith of Interpath Advisory, the joint administrators of Milton Portfolio Op Co 3, have secured deals for all 25 of the company’s pubs after the sites traded for over five months in administration.

Milton Portfolio Op Co 3, which operated a portfolio of former Wear Inns pubs across the north east and Yorkshire, entered administration on 13 November.

All 264 employees were retained while a competitive bidding process was conducted, resulting in significant interest across the nation. Ultimately, 24 sites were sold to Burton-based Punch Pubs & Co, with the last location being scooped up by Blackpool-based Amber Taverns.

Avison Young and Watling Real Estate were joint agents for the sale, and said that interest had exceeded expectations, demonstrating that the market remains strong for the right pub product.

Punch reportedly intends to keep Queensway Advisory on while it incorporates the new pubs into its portfolio. Queensway has been providing management services and assisting in keeping the pubs trading during the administration period.

The joint administrators have been assisted by DLA Piper and Higgs. Their proposals (filed in December) can be found HERE.