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Shepherd grabs 13 Punch pubs
8 May 2009Shepherd Neame, the Kent brewer best-known for Spitfire bitter, today picked up another 13 pubs from stricken rival Punch Taverns.
It is buying three managed houses and 10 leased pubs for £15 million, taking its total estate to 378 high-quality boozers. Punch has been offloading assets as it battles a £5 billion debt pile. It claims to be selling only "non-core" pubs, a description analysts dispute.
Shepherd Neame says today's deal will add almost £2 million to annual profits. The pubs are in Greater London and Surrey. The brewer recently bought London pubs the Jamaica Wine House and Westminster Arms.
Reader views (1)
It looks like Punch is having a managed fire sale to generate cash. Incomes are down in teh sector, yet their the debt remains high. Even if it sold all its pubs, it would probably be unable to repay its debts.
- Dave Davies, Basingstoke, 08/05/2009 16:11
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