3rd Aug 2015 08:27
LONDON (Alliance News) - Pub operator Punch Taverns PLC is set to sell 150 of its worst-performing pubs to NewRiver Retail Ltd, the UK-listed retail property investor, for GBP50 million, The Sunday Times reports.
City sources told the paper NewRiver has tabled a GBP50 million bid for the pubs and is close to reaching a deal with Punch to acquire the sites, which are mostly so-called "wet-led" pubs, an industry terms for bars that focus on beer rather than food.
The paper said NewRiver intends to acquire the pubs and turn them into convenience stores for supermarket chains.
http://www.thesundaytimes.co.uk/sto/business/Retail_and_leisure/article1588175.ece
By Sam Unsted; [email protected]; @SamUAtAlliance
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