January 2026 brought us the shock news that McMullen’s were to sell all their tenancy pub estate plus three managed houses. It soon became apparent that it was to Punch Taverns and that the transfer date was to be as soon as the beginning of February. The move would involve 30 pubs, a sizeable chunk of Mac’s 120-held pubs, thus reducing their pub estate to around 90 managed pubs.
The 30 pubs concerned are mainly from Mac’s traditional heartland – in Hertfordshire, west Essex and North London, with towns and villages like Hertford, Ware, Welwyn, Stevenage and Waltham Abbey the most hit. A full list of involved pubs is given below.
Tenants were given the news that their tenancies would transfer to Punch Taverns, with lease terms and conditions protected. Initial reaction from tenants, some loyal long-term Mac’s tenants, ranged from worry and concern to disappointment and sadness. Some of the senior management staff in the three managed pubs were offered posts elsewhere in the Mac’s business. To help ease and oversee the move some Mac’s headquarters staff were also transferred to Punch. Punch are expected to invest around £4m in the pubs acquired.
Whilst the deal had presumably been under negotiation for some time, it was still a shock for both tenants, their staff and customers when the news landed.
In their February press release Mac’s Joint Managing Director, Tom McMullen said “There are some phenomenal independent operators in these businesses, and it was important to us that they transferred to an owner who possesses both the scale and strategic direction necessary to offer improved support, and is willing and able to provide the financial commitment that these pubs deserve. We are also grateful to our tenanted operations team who have continued to grow this part of the business and are supporting through the transition.”
In the Punch press release James Croft, Group Strategy and Commercial Director said: “We’re delighted to have completed the acquisition of these pubs from McMullen’s. This is a fantastic collection of pubs with real heritage, strong community roots and proven operators running them day to day, and we look forward to welcoming them into the Punch family. Our focus remains on long-term partnerships, investing in our pubs and supporting our Publicans and Management Partners to help their businesses succeed as we work towards being the 5-star pub company.”
Mac’s frustration and deep concern about the current difficult trading conditions, high tax burdens particularly those emanating from last Autumn’s Budget (including the cutting of business property relief for private traders) must have been major factors in the company’s decision to sell. Tom McMullen’s opinions on these matters had already been strongly expressed in an article he had penned for The Parliament Politics magazine back in November 2025, which you can find here.
A couple of months on from the sale, it’s still ‘early days’, as publicans become accustomed to the new order of working with Punch, who are significantly adding to their Hertfordshire pub portfolio.
Feelings among dedicated Mac’s cask beer drinkers, those partial to their usual tipple of AK Original Mild, Country Bitter or IPA and the seasonal brews, or bottled No.1 Light Ale and the keg SIPA and Elysium, have been one of worry – will they continue to be able to enjoy their favourite beers in their local?
As part of the Mac’s/Punch deal McMullens cask ales are still available to the pubs, though direct delivery links with Mac’s have been severed, the beers now available via Punch drays. Punch also has their own list of cask ales available to tenants, though the choice is somewhat constrained and is likely to be the same list for all the transferred pubs – it excludes most or all beers from other Hertfordshire brewers. Nevertheless, some of the publicans may grasp this as an opportunity to stock a much wider range of cask and keg beers than before.
With the loss of 30 pubs, fears have been widely expressed as to whether Mac’s next move will be to discontinue brewing and to just operate as a pub company – something that has been evident in the wake of other similar brewery pub sales over the years – Young’s and Brakspear come to mind. With their 200 year celebrations about to start in January 2027, Mac’s have given assurances on this front, Tom McMullen saying “We brew beer for a multitude of reasons and I can’t foresee a world in that changing….importantly there are a number of soft, non-financial reasons for still brewing, one of which is to have a binding identity across our entire business. To most of our guests and team the pub brand is their primary loyalty but after that its to the brewery rather than a retailing concept. The shareholders’ loyalty is primarily to the brewery and it is no coincidence that, with others, the owners’ loyalty to team and guests starts to decline once a brewery is lost. That said we will have to work on our economies of scale and grow volume and get materially better at product development to improve our market share in our own pubs”.
Mac’s have expressed some sadness at losing so many of the pubs that have helped build their business over generations and losing touch with people they have worked with for many years, but I suppose you could say that such feelings needed to be put aside in coming to the decision to sell. Mac’s rich tradition of pub ownership in Hertfordshire has certainly taken a hit. The list of Herts pubs in the sale (there are over 20) includes the Greyhound in Bengeo, Hertford – Mac’s very first pub purchase, bought back in 1836 – the Good Beer Guide’s Great Eastern Tavern in Hertford, the enterprising Rose and Crown in Ware and the friendly Sibthorpe Arms in Welham Green. The three managed houses are the Builders Arms in Potters Bar, the Hatfield Tap and the Shark in Harlow.
The Lion in Eastwick, the Yew Tree in Walkern and the Baker Arms in Bayford, all currently closed, are currently retained by Mac’s. For the latter, negotiations are still underway with a scheme that may see the pub eventually transferred to a community group, with a related planning application for some new housing to the rear still waiting for a decision from East Herts District Council.
Whilst Mac’s will still have a varied portfolio of pubs, as we have seen in recent years they have increasingly seen their future in the acquisition and maintaining of big town centre and suburban pubs, in large food-led destination rural inns and city centre pubs – all in London and the Home Counties with some a little further afield. It is expected that occasionally there will be future pub acquisitions in this vein and lets not forget that Mac’s are one of the very few organisations still building pubs.
As we move forward CAMRA has lingering concerns that Punch, having bought a significant job lot of pubs, might decide to offload or close some of them – time will tell on that front. Last year CAMRA Branches in Hertfordshire wrote to Town and Parish Councils in their areas suggesting that they should seek Asset of Community Value status to help protect their town and village pubs. Maybe now is the time.
As cask ale drinkers and keen pub-goers we will all hoping that the pubs will be able to succeed in their new home under Punch Taverns.
The pubs included in the transfer are:
- Barnet Queens Arms, Kings Head and Sebright Arms
- Codicote* Globe
- Enfield Lock Greyhound
- Finchley Windsor Castle
- Harlow Shark – managed
- Hatfield* Hatfield Tap – managed
- Hertford* Dog & Whistle, Great Eastern Tavern, Greyhound, Lord Haig and Millstream
- Heronsgate* Stag
- High Beech, Lippits Hill Owl
- Potters Bar* Builders Arms – managed
- Puckeridge* White Hart
- Sawbridgeworth* George IV and Orange Tree
- Stevenage* Almond Tree, Old Town Bar and Royal Oak
- Upshire Horseshoes
- Waltham Abbey Welsh Harp
- Waltham Cross* Wheatsheaf
- Ware* Rose and Crown and Spread Eagle
- Welwyn* Steamer and Tavern
- Welham Green* Sibthorpe Arms
* in Hertfordshire
