Punch credit cycle changes 'unfair', says tenant
In a letter to its tenants, the pubco said that “following a review within the Punch business, there is a requirement to implement a new financial system”.
It continued: “As part of the transition to the new system, it is necessary for us to amend our statement cycle.
This has meant a change to the day that future invoices will be due for payment.
“As part of these changes, our standard direct debit collection will move from a Tuesday to Wednesday as this will allow more time for your weekend card payments to clear.
New calendar
“Within the transition to the new calendar, the first statement will include any additional invoices that fall due under the new statement terms,” the letter said.
Tenant Philip Eades, who co-manages the Globe Inn, in Swanage, Dorset, said the “incredibly unfair” letter had angered him.
He told The Morning Advertiser: "What Punch are trying to do is take a week's extra rent and a week's extra beer purchases from all of their tenants on credit.
'Haven't done anything wrong'
“They're offering no benefit and it's almost like we are penalised whether we are good payers or bad, because they decided to change their system.
"Frankly it's incredibly unfair on us because they have changed their system and we haven't done anything wrong.
"I've always paid my bills on time,” the publican said.
Eades contacted the pubco’s credit department and has subsequently had his deposit reduced so he is no worse off cash flow wise.
'In the same boat'
He added: "All the tenants that are on credit are going to be in the same boat as me.
“My advice to all other Punch tenants would be to do the same."
Managing short term impact
A spokesperson for Punch Taverns said: “To update our finance systems and continue to provide excellent credit support to our publicans, Punch are transitioning onto a new financial system.
“As part of this transition it is necessary for Punch to move to a standardised statement cycle.”
They added: “We communicated this change to our publicans in advance and our credit teams are working with our publicans to manage any short term impact this may have”.
