25/09/2009 - Punch puts 300 pubs on the market
Pub firm Punch Taverns has put 300 of its under-performing premises up for sale as it battles to reduce its £4.4 billion debt.
Although many of the pubs are expected to remain as licensed premises, some of the sites could be converted into shops or housing, it was revealed.
Punch said the pubs for sale, available at cut prices to spark interest in them, come from its "turnaround" division of struggling businesses. The pub-co runs more than 8,000 premises nationwide.
Business agents Christie & Co have been put in charge of selling the pubs, of which prices range from nil-premium leases to £500,000. Around 90% of the premises are freehold.
Head of pubs at Christie, Neil Morgan, said: "The majority of these pubs to continue to be operated as licensed premises, although a significant number will provide ideal alternative-use opportunities across the residential, commercial and retail sectors."
The smoking ban, rising beer duty, cheap supermarket competition and a drop in consumer spending have all contributed to the difficulties in the pub industry in recent times.
Copyright © Press Association 2009
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