Punch to auction Spirit pubs
Published May 22nd, 2006
PUB operator Punch Taverns today said it will sell 380 of the outlets it bought from Spirit group in December for £2.7bn as it focuses on those suitable to be transferred to a tenanted basis.
The sale should raise over £500m. While the company would not comment on individual chains, the likes of Old Orleans and Bar Room Bar are thought to be among those earmarked for sale. Profits for the half-year to 4 March were up 13% to £116m before tax.
The company indicated that the World Cup will provide a boost for sales, particularly if England does well in the tournament.
