Punch agrees to sell five pubs for £9.7m
The pubs to be sold are freehold outlets located in central London. The agreement is expected to complete on 30 June 2014 and net disposal proceeds will be used to reduce debt and reinvest in Punch’s estate. It is not known as yet whether the sites will remain as pubs.
For the financial year ended 17 August 2013, the pubs being disposed of generated EBITDA of £0.5m. As at 1 March 2014, the pubs had a book value of £4.4m.
Last month, Punch announced that it had reached agreement to sell four freehold central London pubs to Morgana Limited for a total of £6.7m.
This agreement is also expected to complete on 30 June 2014.
