Punch Pubs & Co

Punch Taverns must launch its restructure by 11 August

Punch noteholders vote to waive covenants

By John Harrington

Punch Taverns noteholders have voted overwhelmingly in favour of requests by the pub company to waive its covenants that would otherwise put the firm in default, as part of the restructure of its £2.3bn debt.

Damages have been awarded against Punch Taverns in the latest PICAS case

Damages awarded against Punch in latest PICAS case

By Ellie Bothwell

Punch Taverns has been found to have committed technical breaches of its code of practice in the latest case to go through the Pubs Independent Conciliation & Arbitration Service (PICA-Service).

Punch research found that 90% of tenants think on-going training is important to their pub business

Punch re-launches tenants training programme

By Ellie Bothwell

Punch Taverns has re-launched its tenants training programme, after claiming new licensees often “underestimate” the expertise they need to run a successful pub.

Punch's new proposals would result in a 26% reduction

Punch proposes debt-for-equity swap

By Mark Wingett

Punch Taverns has this morning published details of revised restructuring terms, which differ in a number of ways from the terms of the restructuring launched by the company in January, including a debt for equity swap that would see bondholders take...

More than 700 Punch pubs have already signed up for the workshops

Punch hosts World Cup workshops

By Ruth Williams

Punch Taverns is inviting its tenants to join one of 47 workshops across the UK to ensure its licensees get the most out of the World Cup.

The Grapes at Lees, Greater Manchester, is a new additional to the Inglenook estate

Inglenook adds five Punch leaseholds

By Mark Wingett

Inglenook Inns & Taverns, the Lancashire-based pub group, has continued its expansion by adding five Punch leaseholds to its estate.

Punch Taverns debt talks are contiuning

Punch Taverns bondholders vote to waive covenants

By Mark Wingett

Talks regarding the restructuring of Punch Taverns are set to continue after the pub company announced this morning that its bondholders had voted in favour of waiving covenants that would otherwise have placed the company in default.

The ABI Senior Noteholder Committee said its members find the waivers

Punch noteholder committee favours covenant waive

By John Harrington

A group representing senior Punch Taverns noteholders has signalled its acceptance of the pub company’s request to waive its covenant and avoid default on its debt securitisations.

Punch Taverns debt restructure warning

Punch warns on debt default again

By John Harrington

Punch Taverns has stated that it would default on its debt payments within 30 days of the 15 April covenant testing date if it fails to achieve its restructuring plan, and warned of the “material negative impact on the business” if its plan is not approved...

Punch's roadshows are in their 11th year

Punch adds new venues to 2014 roadshow

By Helen Gilbert

Punch Taverns has added two new venues to its 2014 annual roadshow in a bid to make the event more accessible to its partners.

Punch executive chairman Stephen Billingham has warned about the potential consequences of not supporting the restructuring proposals

Coming days 'crunch time' for Punch Taverns, warns boss

By John Harrington

The next few days will be some of the most important in the history of Punch Taverns, the group’s executive chairman Stephen Billingham has said as it nears the date where noteholders vote on its debt restructuring proposals.

Licensee Dave Smith: 'Is Punch so desperate that it has to employ these services at, no doubt, extreme costs to try to ‘catch out’ already hard pushed tenants?'

Punch tenants angry over 'surprise' stock audits

By Ellie Bothwell

Punch Taverns tenants have expressed their anger after the pub company recruited a third party agency to carry out surprise stock audits in its pubs, as part of a fresh crackdown on licensees buying outside the tie.

Punch chairman Stephen Billingham: 'We’re out of runway in terms of getting everyone to sign up'

Sides clash over Punch debt restructure

By John Harrington

Punch Taverns executive chairman Stephen Billingham and a committee representing senior Punch noteholders have clashed over the process of the company’s debt restructure.

Punch Taverns: 'The restructuring proposals are final'

Punch announces full restructure proposal

By John Harrington

Punch Taverns, the tenanted and leased pub operator, has announced the full terms of its debt restructuring proposal and said that failure to effect the restructure would be expected to lead to a default in the near-term.

Punch confirmed it intends to announce a restructuring proposal in December 2013

Punch posts 1.4% rise in lfl core estate net income

By John Harrington

Punch Taverns, the tenanted and leased pub operator, has reported a 1.4% rise in like-for-like net income in its core estate in the 12 weeks to 9 November, and maintained its view that it intends to announce restructuring proposals in December.

Punch Taverns had to pay £10,000 in fines and costs for failing to provide an adequate escape route from the pub

Punch Taverns fined for fire safety failings

By Ellie Bothwell

Punch Taverns and leaseholder Graham Dennett, of the Rams Head Inn in Grappenhall, Cheshire, have been fined for failing to implement adequate fire safety measures.

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