CVC Funds invested in Punch Group in October 1999 to fund its acquisition of the UK pub businesses of Allied Domecq and Inn Business. The Allied deal added 1,100 managed houses and 1,800 leased pubs to Punch’s existing estate of 1,500 leased pubs, and Inn Business brought a further 700 pubs.
The managed and leased businesses of Punch Group were de-merged in March 2002 to form two entirely separate groups: Punch Taverns (which was subsequently floated on the London Stock Exchange in June 2002) and Spirit Group (an investment sold at the end of 2005).
Punch Taverns today form one of the largest pub companies in the UK, managing more than 7,600 leased pubs in the UK, ranging from community locals and family-friendly restaurants to stylish destination bars.
CVC Funds fully exited the investment in August 2003.