Punch Taverns drinks to sales rise
Punch Taverns has made progress in "all areas of the business" over the last three months, it said this morning.
The Burton-upon-Trent pubco said plans to demerge its Spirit arm was on track for completion by the end of the year.
Ina statement released this morning, Punch said its Spirit arm had managed a like-for-like sales increase of 7.3 per cent for the 12 weeks to 28 May.
Food sales soared 8.4 per cent while drink sales rose 7.3 per cent.
During the 40 weeks to 28 May 2011, the company refurbished 160 Chef & Brewer, Fayre & Square and Flaming Grill pubs.
Ian Dyson, chief executive of Punch Taverns, said: "We are pleased that our operational initiatives continue to translate into improved performance for both Spirit and Punch. This has been achieved during a period of substantial change as we prepare for the proposed demerger of Spirit. Despite the challenging UK consumer environment we are on track to meet our full year expectations."
After Roddy Murray refused to take up the role of finance director designate for Spirit, Russell Margerrison will take on the position for the interim, the company added this morning.
