Punch Taverns sells six of its pubs to Fuller's

27th March 2009, 8:56am

Punch Taverns has sold six of its London pubs to Fuller's for a total of £21.1 million.

The agreement is unconditional and is expected to complete on 6 April.

The sites collectively generated pre tax and interest earnings of £2.5 million for the financial year ending 23 August 2008, with a book value of £25.6 million.

Commenting on the transaction, Giles Thorley, chief executive of Punch Taverns, said: "This transaction is in line with our stated strategy of increasing free cash flow and reducing the overall level of our debt, whilst seeking to maintain investment in our high-quality pub estate."

Related Articles:

• 03 Feb 2012 - Fuller's pub group acquires Reigate Market Hotel
• 03 Feb 2012 - New main board appointment at Fuller's pub group
• 07 Dec 2011 - Punch Taverns pub company raises almost £5.5k for Movember
• 21 Sep 2011 - Over 250 Punch pubs make CAMRA’s Good Beer Guide 2012
• 30 Jun 2011 - New board appointments at Punch Taverns
• 07 Feb 2011 - Fuller's pub company launches Front Row ale
• 25 Jan 2011 - People moves at Punch Taverns pub company
• 06 Jan 2010 - Fuller's acquires Hampstead pub
• 30 Sep 2009 - Fuller's wins eight medals at International Beer Challenge
• 14 Aug 2009 - Fuller's celebrate sale of first 1,000 barrels
• 16 Jun 2009 - Punch Taverns remain 'very cautious'
• 08 May 2009 - Shepherd Neame acquires 13 Punch pubs
• 29 Apr 2009 - Punch Taverns offloads pubs worth £91m
• 26 Mar 2009 - Punch Taverns sells six of its pubs to Fuller's
• 15 Jan 2009 - Punch unveils more bad news
• 10 Nov 2008 - Profits slump at Punch Taverns
• 18 Apr 2008 - Punch ends talks with M&B
• 04 Feb 2008 - Punch Taverns confirm M&B takeover offer

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