Punch profit falls as business splits

first_imgTuesday 12 April 2011 8:04 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap PUNCH Taverns yesterday reported a fall in half-year profits, as it splits into two separate businesses.Pre-tax profits for the 28 weeks to 5 March came in at £61m, down from the £66m recorded a year earlier. Like-for-like sales at the group’s managed pubs rose 4.9 per cent over the period, and by 8.2 per cent in the second-half.The group is currently restructuring and splitting its managed and leased pubs into two separate companies.Chief executive Ian Dyson said: “We are pleased that our operational initiatives continue to translate into improved performance within both managed and leased businesses.“Despite the challenging UK consumer environment, we remain confident of making further progress in the second half of the financial year.”Last month, Punch announced it would sell thousands of pubs as part of its restructuring plans.The size of the leased business, in which landlords rent the pub and get their supplies from Punch, will be halved to about 3,000 pubs.Punch has suffered double-digit declines in profits for the past two years and is more reliant on the declining drinking-out market. The managed business, named Spirit, will be expanded to about 1,000 pubs.Punch Taverns has been struggling with falling profits and rising debt, which hit £3.3bn last year.The group yesterday said Walker Boyd would be joining the board as a non-executive director. He will eventually be non excecutive chairman of Spirit. whatsapp whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBeDrones Capture Images No One Was Suppose to SeeBetterBe Sharecenter_img Show Comments ▼ KCS-content Punch profit falls as business splits Tags: NULLlast_img

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