Punch puts another 300 pubs on the market from its turnaround division

Punch Taverns has put a further 300 properties from its ‘troubled pubs’ division on to the market.

Over 90% of the sites are vacant freehold pubs located around the UK, with values of up to £500,000 each.

The pub group has already put 28 pubs on the market this month – 11 in East Anglia and 17 in the South West with a total value of up to £5m.

Punch said: “Some of these sites have already been on the market but they are being relaunched through Christie + Co, many at revised prices, to stimulate interest and secure buyers.”

It also follows news last week that Punch has repurchased more than a third of one of its convertible bonds now valued at £100m in order to cut its overall £5bn debt.

Neil Morgan, head of pubs at property agent Christie + Co, said: “We expect 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.”

Punch places further 11 East Anglia-based pubs on market >>

Punch cancels more than 33% of convertible bonds to cut debt >>

Punch Pub sheds a further 17 freehold pubs >>

Punch puts 1,250 weakest pubs in turnaround division >>



By Emma White

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