65 public houses up for sale as part of Punch Taverns restructuring
Punch Taverns puts 65 pubs for sale as part of restructuring-spokesman
Wed Jan 9, 2013 10:01am GMT
Jan 9 (Reuters) – Punch Taverns Plc has put 65 pubs on the market for sale as part of its longer-term non-core estate disposal programme, a company spokesman said.
The sale, which will be carried out by property agent Christie+Co, is part of its target to sell about 400 non-core pubs this fiscal year ending August 2013.
Like many British pub companies, Punch was hit hard by the country’s double-dip recession and is trying to cut 2.1 billion pounds ($3.4 billion) of debt built up before the economic downturn.
Punch Taverns’ shares were trading down more than four percent at 10.93 pence at 0958 GMT on the London Stock Exchange on Wednesday. They have risen 15 percent in the past year.