Punch denies quick sell-off of Spirit pubs
Punch Taverns will not push through a quick sale of any Spirit pubs if its £2.7b bid for the company is accepted by shareholders.
It had been expected to put the bigger units that are unsuitable for conversion to tenancy or lease agreements straight on to the market, but the scale of such a task means this is unlikely.
Punch plans to convert 750 Spirit pubs to tenancies or leases over two years, and has already identified 83 for sale or alternative use. It will then conduct a year-long review of the remaining 1,000-plus sites as well as the enlarged company's head-office requirements.
Karen Jones, Spirit's chief executive, will stay on to aid the integration of the business, and could net as much as £20m through the sale of the business.
Punch is expected to seek shareholder approval for the deal before the New Year.