Punch to sell off assets
Punch Taverns will sell off 1,300 of its UK pubs after a disastrous performance in its year-end results. The Burton-upon-Trent based company said it wanted to “stabilise” the business.
The company released its annual results this week, which showed a loss after exceptional items of £160m.
It said that it wanted to increase food sales, reduce debt and concentrate on a “core” of 4,700 pubs.
The company’s shares fell to 80.8 pence yesterday following the results, which is a drop of 10.2 per cent.
Chief executive Ian Dyson said of the year-end results: "While we have been encouraged by more recent trends in both the leased and managed businesses, the economic environment is very difficult and there remains room for improvement across all aspects of our business.
"I have started a comprehensive review of our strategy, operating performance and capital structure with a view to exploring options to create value for our shareholders."
