Morning:
10°c
Punch Taverns boss Giles Thorley took a breather from bust-ups with fractious landlords this morning to unveil another set of disposals and some progress on cutting £4.6 billion debts.
The group has bought back £318 million of debt for a bargain £200 million in the past six months.
At 60p in the pound, that either shows investors think the company is doomed, or that they are so strapped for cash they are happy to take what they can get.
Punch is selling pubs by the day but insists most are “non-core” assets that they would happily flog even in good times. Fuller's today bought the Roundhouse, in Garrick Street, Covent Garden, for £3.3 million.
Pub groups say the recession, rising taxes and cheap supermarket booze make life near-impossible. Some publicans blame the pub companies for saddling otherwise profitable boozers with high rents and expensive beer.
Punch's half-year profit was £82 million, down from £133 million. The shares edged up 13p to 98p.
