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 BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
- 2 Number of young homeless people in Britain is 'more than three times the official figures'
- 3 Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
- 4 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
- 5 Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...