Globe Pub Company, the tenanted pub firm owned by Robert Tchenquiz, has put 17 sites up for sale.
Globe, whose pub operation is run by Scottish & Newcastle Pub Enterprises (S&NPE), said that after a review it now planned to “actively churn” its portfolio.
In the 13 weeks ending 1 December 2007 Globe saw its sales fall from £13.6m this time last year to £12.6m.
Beer sales were down 4% in the period and made up 63.1% of total turnover, while pre-tax profit fell to £6.6m (2006: from £7.2m).
Globe disposed of just one pub between September and December 2007, leaving it with an estate of 442 pubs.
It expects to dispose of the targeted 17 pubs within the next six months.
The company struggled with sales during the summer, which it blamed on poor weather conditions.
Meanwhile Willy Crawshay has replaced Jeremy Blood as managing director of pub management business S&NPE.
The former sales managing director for the regions succeeds Blood who stepped up to become Scottish & Newcastle group UK managing director at the start of December.
Drink sales drop at Globe Pub Company due to poor summer >>
Scottish & Newcastle unveils the Discovery Pub Company >>
Mitchells & Butlers considers Tchenguiz property bid >>
By Christopher Walton
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Newswire
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