Punch Taverns is the largest pub operator in the UK, with more than 7,600 leased, tenanted and managed pubs.
The Burton-upon-Trent based company, which is listed on the London Stock Exchange and headed by Giles Thorley, was founded by Hugh Osmond and Roger Myers in 1997 when they bought the Bass portfolio of pubs.
After taking Allied Domecq's pubs from Whitbread in 1999, Punch spun off its managed pubs into a separate division, Punch Retail, which was later renamed Spirit Group.
In 2002, Punch demerged the Spirit Group and then floated itself on the London Stock Exchange.
Spirit then expanded when it acquired Scottish & Newcastle's 1,450-strong pub estate in 2003, before, in December 2005, Punch agreed to re-acquire Spirit for £2.68b.
In 2006, the company sold its Old Orleans pub chain, which it had acquired when it bought Spirit Group, to Regent Inns. Punch also sold 290 Spirit sites to the private equity firm GI Partners.
The company has been criticised for running up a debt that reached £5b and 2009 has seen Punch selling off a large swathe of its estate to rival operators in an attempt to address the issue.
Punch has also been in the firing line, alongside fellow industry giant Enterprise Inn, for its use of the beer tie, the exclusive purchasing obligations for tenants. A report from MPs on the Business and Enterprise Committee accused the company of “downright bullying” of tenants, a claim it strenuously denies.
On this page, we round up the news, analysis and features on Punch Taverns, including its sell-off of pubs and the beer tie debate.
News
Punch to disregard slot machine income when setting rents
Punch Taverns’ share value soars after debts cut by £1b
Punch jobs in hot demand
Punch Taverns to raise £350m through share issue
Punch puts 1,250 weakest pubs in turnaround division
Pub industry must help politicians understand its problems, says Punch chief
Punch Taverns freezes wages for all but hourly-paid staff
Punch Taverns to overhaul leased pubs business
Punch makes three directors redundant in cost purge
Punch Taverns spends £14m on helping licensees during slowdown
Beer tie
MPs accuse pubcos of 'downright bullying' of tenants
Enterprise Inns and Punch Taverns hit back at damning beer-tie report
Industry rejects MPs' call for beer-tie investigation
Pub groups meet to discuss beer-tie probe
Enterprise Inns and Punch Taverns defend beer tie
Pub sales
Four small businesses snap up 10 Punch pubs
Geronimo Inns buys six Punch pubs
St Austell Brewery buys four Punch Taverns pubs
Charles Wells acquires nine Punch Taverns pubs
Former Caterer Adopted Business buys freehold from Punch Taverns
Greene King buys 11 Punch pubs for £30.4m
Charles Wells buys 17 tenanted pubs from Punch
Shepherd Neame spends £15m on 13 Punch pubs
Fuller's snaps up Punch pubs in £21.1m deal
Adnams buys three iconic Suffolk pubs from Punch
Punch solicits offers for any of its pubs
Features
The human cost of pub closures
The beer tie: close to breaking point?
Punch Taverns on the web
Punch website
Company Summary (Hemscott)
Market data (Financial Times)