Punch Taverns has sold 433 pubs for £149m, according to its year-end trading statement.
During the 52 weeks to 17 August, 116 pubs have been transferred to the company’s core division from the start of the new financial year. Following the transfer, there were 2,990 pubs in the core division and 1,106 pubs in the non-core division.
The new Punch Foundation Tenancy agreement – formerly known as the franchise tenancy – has been rolled out across the group, with 48 pubs now operating on it. Punch said the pubs had seen a significant increase in sales. A significant proportion of the lettings within the new financial year are expected to be operated on the new agreement.
Stephen Billingham, executive chairman of Punch Taverns, said: “We have made excellent progress in implementing operational changes that we expect will deliver further improvements in the underlying performance of the business.
“Our profit performance for the year has been in line with management expectations. We are encouraged by our first quarter of net income growth since demerger, and we reiterate our previous expectations of net income growth in the core estate for the years ahead.”
annabel.dixon@estatesgazette.com
