{"id":328693,"date":"2011-03-22T08:33:54","date_gmt":"2011-03-22T08:33:54","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/22\/punch-taverns-to-sell-2200-pubs\/"},"modified":"2011-03-22T08:33:54","modified_gmt":"2011-03-22T08:33:54","slug":"punch-taverns-to-sell-2200-pubs","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/22\/punch-taverns-to-sell-2200-pubs\/","title":{"rendered":"Punch Taverns to sell 2,200 pubs"},"content":{"rendered":"

\n \t\t
\n 22 March 2011<\/span>
\nLast updated at <\/span>04:33 ET<\/span>
\n<\/span><\/p>\n

Punch Taverns is to split its business in two and sell thousands of pubs as part of a major overhaul of the firm.<\/p>\n

Punch, the UK’s biggest pubs group, said it would split its managed and leased pub operations to create two new public companies. <\/p>\n

The size of the leased business will be halved to about 3,000 pubs. <\/p>\n

The managed side will be named Spirit, with some pubs changed to existing brands such as Chef & Brewer, Fayre & Square and Flaming Grill.<\/p>\n

Punch Taverns has been struggling with falling profits and rising debt, which hit \u00a33.3bn last year. <\/p>\n

Its shares rose 4% following the announcement. <\/p>\n

‘Radical’<\/span><\/p>\n

It said that its managed pubs, which are run directly by the company, had lower sales and profit margins than their competitors. <\/p>\n

Continue reading the main story<\/a><\/p>\n

\t<\/p>\n

\t<\/p>\n

But it said it was well-placed to capitalise on the strong growth in eating out. <\/p>\n

The leased side, in which landlords rent the pub and get their supplies from Punch, was facing more difficult conditions, it said. It will suffer the bulk of the cuts. <\/p>\n

It has suffered double-digit declines in profits for the past two years and is more reliant on the declining drinking-out market. <\/p>\n

“We need a more radical approach, targeting a core estate of around 3,000 pubs over the next five years,” Punch said. <\/p>\n

It currently has just under 6,000 leased, or tenanted, pubs. More than 2,000 will be sold at a rate of about 500 a year. <\/p>\n

Some will transfer from leased to managed as part of the Spirit business, which will expand to just under 1,000 pubs. <\/p>\n<\/p><\/div>\n<\/p>\n

Read the original here:
\nPunch Taverns to sell 2,200 pubs<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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