Punch Taverns sells six of its pubs to Fuller's

26th March 2009, 3:00pm

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."

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