Punch Taverns is preparing to put up to 1,000 pubs up for sale that it deems will suffer most when smoking is banned from April 2 in Wales and July 1 in England.
The pubs to be sold are many of the smaller, drink-led tenancies from its 9,300-strong estate. Analysts think they could fetch a minimum of £400m.
Admiral could be a bidder for the package, as could InnDeed Group, which is backed by Dawnay Day and London Town. Punch is expected to appoint PC Hansen & Co to sell the package.
21/03/07 Times 44, 46, 59
