Punch demerger draws closer
Punch Taverns has announced its formal intention to demerge its Spirit arm. The Burton-upon-Trent pubco said it was now entering the final stage of its demerger process, which is expected to complete on 1 August.
In March this year, the company said it would separate the group into two businesses.
Once completed, the demerger will create two listed pub companies which will be traded on the London Stock Exchange
The group said that as of 30 June, it held total unrestricted liquid resources of £235m, of which £30m will be used for transaction costs. A further £92m will be allocated to Punch and £113m allocated to Spirit.
Ian Dyson, chief executive of Punch, said "We are pleased to announce the formal intention to demerge Spirit. This will create the foundation for both Spirit and Punch to execute their plans to deliver long term sustainable value for all of our stakeholders and builds on the significant progress that both businesses have made over the last year."
