Punch pockets £6.7m on sales

Oliver Smith
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PUNCH Taverns, the indebted pub chain currently restructuring a £2.3bn bond mountain with noteholders, yesterday said it has sold four of its London pubs for £6.7m.

Morgana Limited will take ownership of the pubs by the end of June when the deal will close.

Punch said the cash raised from the sale would be used to reduce its debt and reinvest in its pub estate.

The move follows Punch’s strategy of closing and selling pubs from its non-core estate while it negotiates with lenders.

Punch’s shares remained unchanged at 13.50p.