Punch Taverns to close 158 pubs

24 August 2015

pint of beer We all know that there's too many pubs closing, so it is bad news that Punch Taverns are goin to sell 158 'non-core' pubs for £53.5m, to some people called New River Retail.

The pub company plan to sell off its non-core pubs at a rate of about 200 a year, which is pretty dreadful as they're likely to be less profitable, but vital small village pubs. New River Retail are a company that deal in bargain shops and food outlets, so this sale won't see more pints pulled, sadly.

Punch boss Duncan Garrood said that this sale is going to allow the company to focus "on our higher quality core pub estate".

Allan Lockhart, property director at NewRiver Retail, said: "We are delighted to announce the acquisition of the pub portfolio from Punch Taverns, which represents a strategic progression for NewRiver, following our acquisition of a similar portfolio from Marston's in late 2013, the successful result of which has led us to identify similar opportunities."

Maybe it is time to set up that speakeasy in the basement, eh?

TOPICS:   High Street News   Restaurants

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