In response to today’s publication of the report on Pub Companies (“Pubcos”) by the House of Commons Select Committee on Trade & Industry (“the Committee”), Giles Thorley, Chief Executive, made the following comments:

“We have read the findings of the Committee’s inquiry with interest and broadly welcome the report’s conclusions. We note that the Committee Chairman – in line with the evidence given to the inquiry by the Office of Fair Trading – has announced today that there are no competition issues in the sector requiring further action. We are also pleased to note the Committee did not believe that the removal of the beer tie would be to the benefit of retailers.

“The Committee has acknowledged a number of areas in which Punch is operating best practice in an industry context and has recommended that the industry adheres to a voluntary Code of Conduct. Punch already has its own Code of Conduct in place – and as such we already comply with best practice recommendations outlined by the Committee. Prior to publication of today’s report, we had already begun discussions with various trade associations about co-ordinating an industry-wide approach. Today’s announcement falls broadly in line with our own approach and gives the industry clear guidelines within which to work.

“Overall, we are pleased that the Committee is recommending that the Government takes no specific action at this time.”

Ends