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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/punch-hails-trading-improvement.jpg"><img class="alignnone size-full" title="Punch Taverns said its recovery remained on track" src="http://londonglossy.com/wp-content/uploads/2010/12/min-punch-hails-trading-improvement.jpg" alt="Punch Taverns said its recovery remained on track"/></a></p>
<p>Punch Taverns said its recovery remained on track as food-led pubs helped offset the impact of freezing weather on sales in recent weeks.</p>
<p>The group, which has more than 6,700 sites, reported like-for-like sales growth of 2.2% in its managed pubs and said financial support for outlets in its leasehold estate had stabilised at around £2 million a month.</p>
<p>Recent investment at Chef &#038; Brewer and Fayre &#038; Square meant food sales in its managed division rose by 2.6% in the 16 weeks to December 11.</p>
<p>However, Punch added that disruption to footfall caused by the recent weather knocked around one percentage point from its managed sales performance.</p>
<p>The update comes as chief executive Ian Dyson, who joined the company in September from Marks &#038; Spencer, prepares to unveil a review of strategy that could see the company call time on many of its pubs.</p>
<p>It has been reported that he may hand the tenanted estate &#8211; pubs Punch owns but leases to independent landlords &#8211; to the group&#8217;s bondholders in a radical move to tackle the company&#8217;s £3 billion debt pile.</p>
<p>The plan would allow Punch to focus on the remaining 800 pubs directly managed by Punch, which includes the Chef &#038; Brewer chain. Mr Dyson is expected to give an update on the review in the first quarter of next year.</p>
<p>He added that actions already taken by the firm in both the leased and managed businesses had resulted in an improved trading performance.</p>
<p>&#8220;We are now looking to build on this momentum by focusing on further operational improvement across the business,&#8221; Mr Dyson said.</p>
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