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Punch reports 2% sales growth

26 January 2005 by
Punch reports 2% sales growth

Punch Taverns, the leased and tenanted pub operator, has reported underlying growth of 2% in the 20 weeks since the start of its financial year on 22 August 2004.

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Thorley: "business is good"
Speaking at the company's annual general meeting this afternoon, chief executive Giles Thorley said: "Our pubs continue to trade well, in line with management expectations, and we continue to see good opportunities and prospects for steady growth." He added that the disposal of 545 pubs from the InnSpired estate that Punch acquired in September 2004 was "progressing well" and would be completed on 28 January. Thorley also said Punch believed the outcome of recent reviews of licensing and smoking in public places were, overall, favourable for the company. "In particular, the Licensing Act contains many sensible elements which provide a more flexible trading environment for our retailers, whilst improving and modernising the regulation of our trade to the benefit of all consumers," he said. Buy this week's *Caterer* magazine for more industry news and analysis
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