Punch places further 11 East Anglia-based pubs on market

23 September 2009 by
Punch places further 11 East Anglia-based pubs on market

Pub group Punch Taverns has placed a further 11 pubs on the market in East Anglia with a collective value of up to £3m.

The latest round of sales brings the total number of pubs placed on the market by Punch this month alone to 28.

Earlier this month the chain placed 17 properties on the market located in the South West with a total value of up to £5m.

It also follows news last week that Punch has repurchased more than a third of one of its convertible bonds now valued at £100m in order to cut its overall £5bn debt.

The 11 pubs, located in Essex, Suffolk and Norfolk, are being handled by property agent Fleurets and are each valued between £160,000 to £495,000.

Bob Whittle, a director at Fleurets, said the pubs presented "good opportunities" and he expected them to sell well in East Anglia's "buoyant market" to a majority of "cash buyers".

"The pubs are a mixed bag of town centre, town residential and village locations. Some are very attractive prospects while others haven't traded well in recent times," said Whittle.

The Milestone Inn in Ipswich town centre, Pied Cow in Sudbury, Prince of Wales in Inworth, Essex and the Spread Eagle in Norwich City are amongst the pubs up for grabs.

Punch cancels more than 33% of convertible bonds to cut debt >>

Punch Pub sheds a further 17 freehold pubs >>

Punch to disregard slot machine income when setting rents >>

By Emma White

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