Pub chain pins its hopes on a bumper jubilee June

A BURTON-BASED pub giant has revealed that it is pinning hopes of reviving its fortunes on a summer of sporting events and the Queen’s Diamond Jubilee.

Punch Taverns, based in Centrum 100, released second quarter financial results which showed that the firm was on target to meet profit expectations despite experiencing issues with failing pubs that could hinder long-term growth.

On average, the net income across its 4,790 pubs increased by 0.8 per cent but like-for-like figures at its core states of 2,946 pubs dropped by 2.9 percent in this quarter and 2.1 per cent in total for the financial year so far.

The decrease in trade and profit was put down to ‘soft’ trading at Christmas which continued into January and February.

Chief executive Roger Whiteside said: “Punch has a clear operational plan to return the core estate to growth in the medium-term and extract maximum value from our non-core assets.

“Profitability in the first 28 weeks of the financial year has been broadly in line with management expectations.

“While we remain cautious on the nearterm consumer environment, we have strong plans in place and expect to benefit from the Queen’s Diamond Jubilee, England football team competing in Euro 2012 and the Olympic Games in the second half of the year.

via burtonmail.co.uk

Posted via email from UK Pubs For Sale And Development

UK Pubs For Sale - Freehold Pubs For Sale: Punch Taverns Rent Hike Forces Pub Closure

Punch Taverns Rent Hike Forces Pub Closure

A pub landlord says he may be forced to leave his business because the pub owners have hiked his rent up by 60 per cent, according to Bakewell Today.

Dave Mountford, who has run the Rising Sun in Middleton-by-Wirksworth for four years, said the increase by Punch Taverns, the biggest pub company in the UK, would leave him with less than £10,000 per year to look after his family.

Punch has asked for a rent increase from £15,000 to £25,000 in June next year.

Over the past three years, Mr Mountford said he had tripled drinks sales at the pub.

He added: “They now make £85,000 per annum from the pub while we make £20,000.“I was stunned when Punch announced an increase of 60 per cent.

“If the rent increases we will be left with around £10,000 a year to live on.

via pubs-for-sale.biz

Posted via email from UK Pubs For Sale And Development