Punch to hive off managed business
Friday 08 July 2011
The debt-laden pub operator Punch Taverns has confirmed plans to shunt its Chef & Brewer and Fayre & Square branded pubs into a new managed pub business.
Spirit will consist of 1,372 pubs and will focus on the fast-growing, eating-out sector of the pub market, said Ian Dyson, the current Punch chief executive, who will take over the running of the business once it is demerged.
He added that the split, which roughly divides the group into its managed and tenanted parts, will enable it to invest in its managed pub estate. The rest of the group will focus on reducing thetenanted business from its current estate of 5,080 to a core of 3,000 quality pubs.To achieve this it will sell off 2,000 pubs over the nextfive years.
Mr Dyson said Spirit would aim to resume dividend payments next year.
The group still has debts of about £3.1bn, despite a steady disposal programme that saw almost 900 pubs sold last year. After the split, Spirit will take on debts of about £800m, while £2.3bn will remain with Punch. The new business will have its own stock market listing. The demerger is due to take place on 1 August.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Doctors remove 80 teeth from boy's jaw
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
- 5 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Germany and ECB set for fight over money-printing
Downfall of Dustin 'Screech' Diamond, the 'Saved By The Bell' star charged with bar stabbing
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Syrian teenager Usaid Barho reveals how he escaped from Isis using a suicide vest
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...