		<div class="wpcnt">
			<div class="wpa">
				<span class="wpa-about">Advertisements</span>
				<div class="u top_amp">
							<amp-ad width="300" height="265"
		 type="pubmine"
		 data-siteid="111265417"
		 data-section="2">
		</amp-ad>
				</div>
			</div>
		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/pub-owner-set-to-shed-6000-sites.jpg"><img class="alignnone size-full" title="Punch Taverns is planning to downsize by closing 6,000 sites" src="http://londonglossy.com/wp-content/uploads/2010/11/min-pub-owner-set-to-shed-6000-sites.jpg" alt="Punch Taverns is planning to downsize by closing 6,000 sites"/></a></p>
<p>Chef &#038; Brewer pub owner Punch Taverns is drawing up plans to call time on nearly 6,000 pubs across the UK in a bid to slash its £3.1 billion debt.</p>
<p>Ian Dyson, the new chief executive, may hand the tenanted estate &#8211; that is pubs Punch owns but leases to independent landlords &#8211; to the group&#8217;s bondholders, The Sunday Times said.</p>
<p>Mr Dyson wants to focus on the remaining 800 pubs directly managed by Punch, which includes the Chef &#038; Brewer chain.</p>
<p>The group, which also manages the Fayre &#038; Square pub chain, is understood to have appointed bank Goldman Sachs and asset management firm Blackstone to prepare for a restructuring.</p>
<p>The restructuring proposal is among options being considered by Mr Dyson. Others include a debt-for-equity swap or more pub disposals.</p>
<p>Punch&#8217;s borrowings have been slowly reduced by pub sell-offs, but shares have plunged from 1365p three years ago to 59p on Friday.</p>
<p>The company offloaded 893 pubs in the financial year to August, in which it reported underlying profits of £131 million for the period, down from £160 million a year earlier.</p>
<p>In the managed estate, which includes Chef &#038; Brewer and Fayre &#038; Square, like-for-like sales were up 2.6% in the final quarter.</p>
<p>Mr Dyson started a review of strategy and operating performance when he joined the company in September from Marks &#038; Spencer, in order to explore options for creating shareholder value.</p>
			<div style="padding-bottom:15px;" class="wordads-tag" data-slot-type="belowpost">
				<div id="atatags-dynamic-belowpost-69e2dc4fd829d">
					<script type="text/javascript">
						window.getAdSnippetCallback = function () {
							if ( false === ( window.isWatlV1 ?? false ) ) {
								// Use Aditude scripts.
								window.tudeMappings = window.tudeMappings || [];
								window.tudeMappings.push( {
									divId: 'atatags-dynamic-belowpost-69e2dc4fd829d',
									format: 'belowpost',
								} );
							}
						}

						if ( document.readyState === 'loading' ) {
							document.addEventListener( 'DOMContentLoaded', window.getAdSnippetCallback );
						} else {
							window.getAdSnippetCallback();
						}
					</script>
				</div>
			</div>
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
