Punch Taverns said its 7,744 pubs in England and Wales will open an average of six hours longer per week from the start of the new licensing act on 24 November.
Although the licensing process has cost Punch around £3.5m, chief executive Giles Thorley said it had been worthwhile because it had enhanced the company’s reputation with its retailers and its retailers’ relationships with local residents.
Thorley also welcomed the flexibility the new system gives publicans over their opening hours.
“We will simply start going out later as people do on the continent,” he said. “It’s no longer the case that everything closes down at midnight here, so although I don’t believe the new laws are a huge business opportunity, the overall change is worth it.”
But the Punch boss warned the inconsistent way in which local authorities interpreted and administered the new alcohol licensing laws still needed to be addressed.
Turnover at the 8,200-strong company in the 52 weeks to 20 August increased 21% to £770m (2004: £638m), including the contribution from purchased pub companies InnSpired and Avebury.
Pre tax profit increased 28% to £207m (2004: £161m).
Like-for-like turnover at Punch’s existing estate grew 2.5% in the year, as did pre-tax profit.
By Chris Druce
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