punch

http://www.bbc.co.uk/news/business-12815761

Punch Taverns issued a press release today http://www.punchtaverns.com/Punch/Co...iew+update.htm which included the line "Leased business needs to be repositioned to maximise the long term value within the estate by downsizing to a core of around 3,000 high quality pubs".

Is this a good thing or bad thing?

Does it mean more pub closures? Or more free houses opening? Or some Punch pubs being taken over by another pubco? Or all of the above?

sorry mate, I 've only just spotted your thread

depends on how many they try and sell with restrictive covenants attached...

Our local rag is running the story today -

http://www.thisisbristol.co.uk/news/...l/article.html

I thought the last line was interesting - "The debts of the firm equate to £534,901 per pub and interest payment and costs linked to the loans amounts to an average of £271 per day per pub."

Clearly that is quite unsustainable.

And by selling off some of the properties they would , presumably, pay off some of the debt or maybe give themselves a nice bonus. I really am becoming cynical.