Steady progress for Punch

November 17th, 2014 | Posted in: News

Punch have reported steady progress in its preliminary results for the 53 weeks to 23 August 2014. Its core pub estate, some 2925 pubs, showed like-for-like net income up 1.3% – the fifth consecutive quarter which has seen growth. Profit before tax was £69m (including £30 million of profits attributable to bond purchases in H1). New partner applications were up 20% on the prior year with spend on the core estate coming to £43m. In its non-core estate (884 pubs) the company reported that 116 pubs had transferred to the core estate and 285 had been sold (including 65 from the core estate). Net proceeds of the sales came to £111m. The company was also pleased to report that its “Capital restructuring successfully completed on 8 October 2014 delivering a £0.6 billion reduction in total net debt.”

Stephen Billingham, Executive Chairman of Punch Taverns plc, commented, “We have returned the core estate to like-for-like growth and delivered underlying profits for the year in line with guidance. We have also made a positive start to the new financial year with the core estate in like-for-like net income growth of 0.8% and have realised £43m of proceeds from the sale of non-core and gold-brick sites.”

He continued, “We believe that the capital restructuring completed last month creates a robust and sustainable debt structure, providing stability to the business that will lead to further deleveraging through strong cash generation. We can now focus on improving our business through investment in our pubs, attracting the best partners to work with us and providing industry leading support to our partners to launch and develop their pub businesses.”

Meanwhile its regional team in Scotland is embracing Movember. The eight strong crew are busy growing moustaches and so far have raised £2,000.

 


Which Scottish pub excels at customer service?

Thu 18th April 2019

Customer service is paramount when it comes to running a successful business. BII Scotland is on the lookout for a pub, restaurant or hotel ... Read more.

Which Scottish pub wins the woof and wag test?

Thu 18th April 2019

The Scottish Bar & Pub Awards is hunting for a pub that provides a welcome for pet dogs.... Read more.

Desperately Seeking the Greatest Scottish Bars and Pubs

Thu 18th April 2019

Scotland’s home to some of the best pubs and bars in the world but ‘which bars and pubs have made an impression on Scottish cust... Read more.

Do you know a budding Scottish entrepreneur? Are you one?

Thu 18th April 2019

Buzzworks and Flow are partnering to offer one emerging entrepreneur the opportunity to be mentored by one of the industry’s most experien... Read more.

Sue Says! Straight talking from our very own publisher

Thu 18th April 2019

Research from Rotary Great Britain claims that more than half of all UK adults are lonely, particularly when they get home from work. Perhap... Read more.

HIGH FRYERS: SCOTLAND’S CHEF-PATRONS MAKING THEIR MARK ON THE SCOTTISH CULINARY SCENE

Thu 18th April 2019

NEIL FORBES Cafe St Honore, Edinburgh and JUDITH FISH The Applecross Inn, Strathcarron... Read more.

Scottish hospitality industry unites to demand fair rates for all

Wed 17th April 2019

Glasgow’s hospitality industry has been unfairly discriminated against by rates assessors. That’s the view of industry bodies, Scottish ... Read more.

ABERDEENSHIRE GIN WINS GOLD AT WORLD SPIRITS COMPETITION

Wed 17th April 2019

HRAFN GIN  has won a Gold Medal at the San Francisco World Spirits Competition. HRAFN GIN ‘Thought & Memory’, created in 2... Read more.

HIGH FRYERS: SCOTLAND’S CHEF-PATRONS MAKING THEIR MARK ON THE SCOTTISH CULINARY SCENE

Wed 17th April 2019

Here are the first two, FRED BERKMILLER OF l’escargot bleu, Edinburgh and MARK GREENAWAY Grazing by Mark Greenaway, Edinburgh.... Read more.

Star Pubs & Bars extend recycling agreement to leased estate

Tue 16th April 2019

Star Pubs & Bars is offering its leased pubs the same commercial terms for recycling and waste collection it has negotiated for its Just... Read more.

British Embassy adds Edinburgh chef to the menu in South America

Mon 15th April 2019

Edinburgh chef, Barry Bryson, is representing Scotland in a series of  events hosted by the British Embassy in Uruguay, South America, ... Read more.

Sunshine boost for pubs and restaurants

Mon 15th April 2019

Britain’s managed pub and restaurant groups saw collective like-for-like sales grow 3.8% in March compared to the same month last year whe... Read more.

Organic Wine Forecasted to Reach 87.5m Cases Globally by 2022 European Markets Drive Demand and Growth

Mon 15th April 2019

Though organic wines represent a small subset of the total global still wine industry, new research from IWSR Drinks Market Analysis shows a... Read more.

Are you an aspiring young Scottish chef? Then you should apply for the Andrew Fairlie Scholarship

Thu 11th April 2019

 As the application process opens for the inaugural Andrew Fairlie Scholarship, Hospitality Industry Trust (HIT) Scotland announce the ... Read more.

Scots chef isn’t sheepish about hogget

Thu 11th April 2019

A leading Scottish chef is championing a new campaign to revive a traditional springtime dish. Derek Johnstone, Head Chef at Borthwick Castl... Read more.

Civerinos Food Club opens ‘pizza pub’ on third site

Thu 11th April 2019

Edinburgh-based Civerinos Food Club has opened its third site in the city – The High Dive pizza bar. The new “pizza pub” is on St ... Read more.

Highland Park and SCRAPbook collaboration set to help clean up Orkney coastline

Wed 10th April 2019

Orkney is set to become the first Scottish island to be photographed from the air in a project that will help local communities tackle the g... Read more.

HAPPY 300th BIRTHDAY BELHAVEN!

Wed 10th April 2019

Belhaven Brewery recently celebrated 300 years of brewing excellence with a reception at the Scottish Parliament, hosted by East Lothian MSP... Read more.

KNOPFLER COLLABORATES ON GIN

Tue 9th April 2019

 Portobello Road Gin has collaborated with rock musician and Dire Straits frontman, Mark Knopfler, to launch a special edition gin for ... Read more.

New design crowns Kingshouse

Tue 9th April 2019

The £12m Kingshouse in Glencoe has been unveiled – and what a transformation. It was designed by Covell Matthews Architects for owners Bl... Read more.