April's showers dampen Punch Taverns
The wettest April on record was bad for pubs, according to Punch Taverns. There was a "sharp decline in beer sales during this period and this is reflected in Punch sales", the company said yesterday.
Like-for-like sales at the core estate, the ones the struggling company intends to keep, fell 6.4 per cent in the 12 weeks to 26 May. It has 1,713 non-core boozers, of which it intends to sell up to 500 this year.
Its chief executive Roger Whiteside was upbeat, however. "Notwith-standing recent difficult market conditions, the underlying business remains robust," he said yesterday.
Punch Taverns is the rump of the empire built up by former banker Giles Thorley into the biggest pubs company in Britain. Built on debt, it crashed in the credit crunch.
Have shock jocks gone too far after Rush Limbaugh called Sandra Fluke a slut?
Former Google exec says he has 100,000 emails showing how 'immoral' company avoids paying UK tax
British business: We need to stay in the European Union - or risk losing up to £92bn a year
World news in pictures
British father faces charges after confessing to slitting his two children's throats in Lyon flat
- 1 Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?
- 2 British business: We need to stay in the European Union - or risk losing up to £92bn a year
- 3 The moral case on tax avoidance is overwhelming - and we all know Google wants to do the right thing
- 4 Sam Wallace: The second coming of Jose Mourinho at Chelsea will be a reunion that can only end in tears
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£500 per day: Orgtel: A top tier banking client urgently requires Finance Busi...
£425 - £550 per day: Orgtel: Senior Finance Project Manager - £550 - Bristol -...
£150 - £250 per day: Orgtel: KYC Analyst - London - Banking - £150-250/day C...
£500 per day: Orgtel: A top tier banking client urgently requires Finance Gove...