Punch solicits offers for any of its pubs

Punch Taverns has reportedly approached a number of rival pub operators to ask them if they would be interested in buying any of its pubs.

The company, which has £4.5b worth of debt, has appointed advisers to approach several family brewers – including Fuller’s, Young’s, Charles Wells and Shepherd Neame, according to The Times.

Industry sources told the newspaper that Punch, which has a total of about 8,400 pubs, has appointed Sapient Corporate Finance to make discreet approaches to potential purchasers.

One source said: “Punch has indicated it will not consider silly offers, but it has given the impression that it will consider offers for almost any of its pubs, including some of its classic London pubs, as long as it gets a decent offer.”

Punch’s decision to canvass interest from rivals follows a recent move to put up for sale about 500 pubs of its worst performing pubs. The company offered its tenants first refusal on the pubs, and revealed last month that, after receiving strong interest, it is considering putting more up for sale.

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By Daniel Thomas

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