Punch Taverns, the UK’s leading pub company with over 9,500 leased, tenanted and managed pubs nationwide, outlined its intention to transfer 750 managed pubs to its leased estate at the time of the Group’s acquisition of Spirit in December 2005. 

The first phase of 215 pubs to convert to lease has now been identified. These pubs have been recognised as sites appropriate to transfer because it is believed that, in the long-term, they are more suited to a leased operation format.  They represent some of the highest quality pubs to come to the leased market in recent years. 

Existing managers at those pubs which have been identified as sites to transfer are being invited to apply to take on the lease of their respective pubs.  Alternatively, managers have the opportunity to apply to take on the lease of a different pub within Punch or obtain suitable alternative employment within the Spirit managed estate.

At this early stage in the process, there is no fixed timescale for the completion of the transfer but it is envisaged that, in the majority of cases, this will be a minimum of 12 weeks. 

Across the remainder of the managed estate, the management continues to actively review value creation opportunities.

20 February 2006

Enquiries:

Ends