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Date set for Punch Taverns de-merger
By Pete Hayman
Punch Taverns has announced that the de-merger of the Spirit business from the rest of the pub group is to become effective from 1 August and will create two listed companies.
The group announced on 22 March that it planned to split the business, with the Spirit arm comprising more than 800 managed pubs and nearly 550 leased pubs as at 1 July. Meanwhile, the Punch business currently has 5,080 pubs - 2,954 in its core division and a further 2,126 in the non-core arm. It is aiming to downsize to an estate of around 3,000.
Punch chief executive officer Ian Dyson said: "This will create the foundation for both Spirit and Punch to execute their plans to deliver long term sustainable value for all of our stakeholders."
Punch Taverns has announced that the de-merger of the Spirit business from the rest of the pub group is to become effective from 1 August and will create two listed companies.
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