Punch returns to profit as revenue rises 12% and acquisitions double

Punch Pubs made a £15.1m profit in the 52 weeks to 9 August 2026, against a £28.3m loss the year before, The Morning Advertiser reports. Revenue rose 11.8% to £377.8m and underlying earnings grew 8.1% to £106.4m.

Buying at pace Punch acquired 74 pubs in the year, more than double the 35 it added previously, spending £55.1m. The deals included 30 pubs from McMullen's, 13 from RedCat Hospitality across two transactions, and 27 single-site purchases. Since the year end it has completed, exchanged or agreed a further 12 pubs for £12.8m.

Investment and model shift - £68.2m invested across the estate, including £12.2m in newly acquired sites - 96 pubs moved from leased and tenanted into its Pub Partnerships model, up from 36 - 1,327 pubs at year end, 98% open and trading - Underlying earnings 13% ahead in the first eight weeks of the new year

What it means for groups: Punch is a willing buyer of single sites and small packages, which supports values for smaller estates looking to sell. The move to Pub Partnerships, where self-employed partners run pubs and Punch keeps more control of the retail offer, is the model to watch in the tenanted sector.