Punch Taverns is preparing to raise about £525m from the salesof bonds backed by its pubs portfolio.
The company was put together by Bankers Trust and two leisureentrepreneurs to acquire 1,428 pubs from Bass last December. The pubswere sold for £564m.
Since Nomura International bought Phoenix Inns from Inntrepreneur in1995, there has been considerable interest from investors in buying theunwanted elements of big brewers’ pub estates and refinancing dealsthrough the bond market.
- Financial Times 04/03/98 page 38 (News Digest)
