27th Jan 2010 07:00
Punch Taverns plc
("Punch Taverns")
Disposal of 8 pubs to Greene King PLC ("Greene King")
Punch Taverns is pleased to announce that it has reached agreement to sell eight managed pubs to Greene King for a total consideration of £15.9 million. The pubs to be sold are freehold outlets located around Great Britain including one in central London and one in Scotland. The agreement is unconditional and is expected to complete on 16 February 2010.
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 22 August 2009, the pubs being disposed of generated earnings before interest and tax of £1.0 million. Book value as at 22 August 2009 was £12.8 million. This transaction follows on from the disposal of 11 managed pubs to Greene King, which completed in July 2009.
27 January 2010
ENQUIRIES:
Punch Taverns plc Tel: 020 7255 4002
Giles Thorley, Chief Executive
Phil Dutton, Finance Director
Sapient Corporate Finance Tel: 020 7152 6162
Peter Hansen
Fraser Anderson
Smithfield Group Tel: 020 7360 4900
John Kiely
Related Shares:
Punch Taverns PLCGreene King