Pubs to go as Punch reports loss
Pubs group Punch Taverns has reported an annual loss as the consumer slowdown and smoking ban hit its business.
The pub group said it made a pre-tax loss of £80.2m in the year to August 23, down sharply from a profit of £304.7m a year ago.
To strengthen its business, Punch wants to sell about 500 less profitable pubs.
The group’s share price has fallen 80% over the past year as a result of concerns about the firm’s financial position.
This was “brought about by the change in the consumer market following the first full-year of the smoking ban” and “a weakened consumer environment,” Punch said.
Source: BBC News. Link
