Punch Taverns remain 'very cautious'

16th June 2009, 2:30pm

Pubco Punch Taverns has said it is looking to raise around £350 million through a shares issue and that it remains 'very cautious' about the business outlook going forward.

In a statement, the pub company said: "Trading results to date reflect the challenging market conditions being faced by the sector. The wider recessionary economic conditions have significantly reduced consumer confidence and impacted the level of disposable income being made available for leisure activities."

Punch added that actions to stabilise its position, such as selling 11 pubs to rival firm Greene King, have appeared to be successful.

Like for like sales in its leased estate for the 40 weeks ended 30 May were down 11.2%.

Trading within the managed estate fell by 1.2% for the same period.

Punch concluded by saying: "While we are confident of the longer term prospects for the Group and our expectations for the full year remain unchanged, we remain very cautious over the near-term due to the lack of forward visibility on trading outlook."

Related Articles:

• 07 Dec 2011 - Punch Taverns pub company raises almost £5.5k for Movember
• 30 Jun 2011 - New board appointments at Punch Taverns
• 14 Oct 2009 - Punch Taverns remain cautious
• 25 Aug 2009 - Punch blames poor trading on lack of sunshine
• 09 Jun 2009 - Greene King expands portfolio with 11 Punch pubs
• 08 Jun 2009 - Punch funds new set of wheels for Oliver
• 27 May 2009 - ‘Business is on the up’ says Wetherspoon
• 15 May 2009 - Corkin wine prices at Punch pubs
• 12 May 2009 - 'Survival of the community pub is remarkable'
• 08 May 2009 - Shepherd Neame acquires 13 Punch pubs
• 29 Apr 2009 - Punch Taverns offloads pubs worth £91m
• 06 Apr 2009 - Peach buys Punch pubs
• 27 Mar 2009 - Punch Taverns sells six of its pubs to Fuller's

Click here to submit a comment!

Have your say!

To comment on this article, simply enter your name and email and send us your views. Please note that your comment will appear publicly below this article once it has been processed. For enquiries please email info@eatoutmagazine.co.uk.