TWO HALVES

PUNCH, the highly-indebted pubs group headed up by Ian Dyson, is today expected to announce the demerger of its Spirit unit when it unveils a long-awaited strategic review. The Spirit Group – which is made up of better-performing managed pubs – would be spun off, leaving Punch to sell off underperforming pubs in its leased estate to help pay off its £3bn debt pile.