Punchy summer trading for Punch Pubs as business refinances

Punch Pubs has reported a strong set of results for the 40 weeks to 18 May 2025, bolstered by investment, acquisitions and inflationary gains.

Total revenue for Punch Pubs for the 40 weeks stood at £251.7m, compared to £241.5m the prior year.

Both leased and tenanted and partnership pub segments of the business delivered like-for-like underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) growth for the period, while underlying EBITDA for the pub estates before central costs increased £9.1m to £98.7m.

Quarter four trading – which consists of the eight weeks to 13 July 2025 – has also been strong, with EBITDA ahead of the same period in 2024.

The group put its strong growth down to like-for-like estate gains through inflationary price increases and capex investment, maturing profits from leased and tenanted pubs converted to its partnership model, and opportunistic acquisition of which there have been 65 since August 2020.

The group has also optimised its cost base through its £5.1m cost saving plan identified in partnership with Deloitte.

Punch Pubs also successfully completed the refinancing of the existing £600m senior secured notes and extended its revolving credit facility from £70m to £85m.

The Punch Pubs Group comprises 1,268 pubs, 92% of which are owned on a freehold or long-leasehold basis.

Over the 40-week period the group spent £17.1m acquiring 29 pubs. It also spent £27.1m on expansionary and maintenance capital.