19th Dec 2005 07:00
Punch Taverns PLC19 December 2005 Punch Taverns PLC ("Punch" or "the Company") Disposal of 205 pubs to the Petchey Group Punch Taverns PLC announces the sale of 205 leased and tenanted pubs to SaveInvestments Limited, a member of the Petchey Group of companies (the founderbeing Jack Petchey OBE), for a total cash consideration of £98 million. The saleis expected to complete in early January 2006. The sale follows the proposed acquisition of Spirit Group (announced by Punch on1 December 2005 and which is scheduled to complete on 5 January 2006) and areview of the enlarged Punch estate to identify specific areas of localconcentration. Giles Thorley, Chief Executive of Punch, commented: "This disposal further confirms Punch's ability to profitably divest of pubsfrom its enlarged estate, either on economic or geographic criteria, atattractive prices thereby further enhancing the returns to our shareholders." 19 December 2005 ENQUIRIES:Punch Taverns 020 7868 8903Giles Thorley, Chief ExecutiveRobert McDonald, Finance Director Rothschild 020 7280 5000Avi GoldbergRick Jones College Hill 020 7457 2020Justine WarrenMatthew Smallwood This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Punch Taverns PLC