Punch Taverns Plans to Sell 1,300 Pubs

on 14/10/10 at 10:04 am

Industry
Punch Taverns, Britain’s biggest pubs group, yesterday announced plans to dispose of 1,300 outlets to reduce its debt and focus on a core portfolio.

The group, which owns or manages nearly 400 pubs in Scotland, said it wanted to reduce its current holding of 4,700 pubs and would sell ones where it believed “long-term viability is compromised” by the year end.

It has already disposed of more than 890 pubs in the financial year to the end of August.

“Whilst we remain committed to the future of the British pub, we believe that fundamental change in consumer habits will result in some pubs not surviving,” said the company.

{Full story}

Enhanced by Zemanta