10th Aug 2006 07:01
Punch Taverns PLC10 August 2006 PUNCH TAVERNS PLC ("Punch" or "the Group") Sale of 31 Restaurants by Punch Taverns plc to Regent Inns plc Punch Taverns plc is pleased to announce that it has agreed the sale of OldOrleans to Regent Inns plc ("Regent Inns"). The transaction is expected tocomplete in September 2006 following approval by the shareholders of RegentInns. Cash proceeds from the sale will be £26 million and will be used to reduce debt. The sale of these 31 restaurants, of which 27 are short leasehold, forms part ofthe planned disposal of 380 units announced at the time of Punch's interimresults on 22 May 2006. McQueen Limited advised Punch Taverns on the transaction. Giles Thorley, Chief Executive of Punch Taverns, commented: "The sale of Old Orleans follows a successful and active auction process whichwe launched in May of this year. The transaction is in line with our strategyto simplify the managed house business following the acquisition of Spirit inJanuary 2006." 10 August 2006 Enquiries: Punch Taverns plc Tel: 020 7868 8903Giles Thorley, Chief ExecutiveRobert McDonald, Finance DirectorNeil Griffiths, Property and Strategy Director McQueen Limited (Punch's financial adviser) Tel: 020 7484 8800Jim Fallon College Hill (Punch's PR) Tel: 020 7457 2020Justine Warren This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Punch Taverns PLCREG.L