29th Apr 2009 07:01
Punch Taverns plc
("Punch Taverns")
Disposal to Fuller, Smith & Turner P.L.C. ("Fuller's")
Punch Taverns is pleased to announce that it has reached agreement to sell a freehold managed pub, the Round House in Garrick Street, London to Fuller's for £3.3 million. The agreement is unconditional and is expected to complete on 14 May 2009.
This transaction follows on from the disposal of six pubs to Fuller's for £21.1 million earlier this month.
The consideration will be satisfied in cash. Net disposal proceeds will be used to reduce debt and reinvest in the estate.
For the financial year ended 23 August 2008, the Round House generated earnings before interest and tax of £0.4 million. As at 7 March 2009, the pub had a book value of £3.4 million.
29 April 2009
ENQUIRIES:
Punch Taverns plc Tel: 01283 501 727
Neil Griffiths, Group Property & Development Director
Sapient Corporate Finance Tel: 020 7152 6162
Peter Hansen
Fraser Anderson
Smithfield Group Tel: 020 7360 4900
John Kiely
Related Shares:
Punch Taverns PLC