Punch: pub investments are on track
Punch Taverns has stressed that it's pub investment programme is "on track" despite delays in its Investment for Growth (I4G) scheme.
The company has told the Morning Advertiser that 166 projects have been completed in the first quarter of its financial year, which began in August, some costing as much as £300,000.
Earlier this week the MA reported that I4G projects for this financial year, for which £15m had been earmarked, had been delayed.
However, Punch has stressed that investments overall are on-going, with the focus on its Ready for Business (R4B) programme of investment in pubs that are available to let.
Punch property and development director Neil Griffiths said: "We've got off to a great start this financial year and remain on track with our investment programme, which has seen a wide range of schemes completed which are having a positive effect on our Partner's businesses.
"A big focus currently is on our Ready for Business programme through which we commit to invest in pubs as soon as we get them back, so that they not only trade better under temporary management but appeal to the calibre of partner that we want to attract to take those businesses forwards.
"Combined with close BRM [business relationship manager] support, development activity and foundation training, Ready For Business helps ensure that our Partners that have the best possible chance to trade their pub to its optimum level from the outset."
Punch highlighted two leased pubs that had received investment via R4B: the Ship in Sutton-on-Hull, where licensee Denise Wright has also received foundation training; and the Royal Oak in York, which has been transformed with a £300,000 investment.
Griffiths added: "It has always been our priority to help get our partners off to the best possible start and Ready For Business is the next step in ensuring that all the key elements are in place to enable them to focus on trade building right from the off, with the support and expertise of our operations teams alongside them."
