Douglas Jack, of Numis Securities, says that he believes Punch will eventually sell between 25 and 35% of the entire tenanted estate to focus on better performing pubs.
Jack said: “In all the major pub groups, under-performance is heavily weighted to the bottom 20% of pubs. "We estimate that if Punch were to sell these pubs, average pub profitability would increase 18%, transforming its company’s estate quality and like-for-like trading prospects in a sector that is benefiting from 4% annual supply reduction.”
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http://www.morningadvertiser.co.uk/news.ma/article/83969
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