Punch to invest £3m in Scotland as interim results show growth and profit up
Punch Taverns has announced plans to invest over £3m in its Scottish estate over the next 12 months. The news comes as the company revealed that its interim results, are in line with “management expectations”.and show that its average profit per pub across the entire estate was up 3.0% and like-for-like net income saw growth of 1.6% across its core estate for its results for the period the 28 weeks to 5 March 2016.
The Scottish investments, which will span a number of developments across Scotland, are likely to create circa 250 new jobs across its Leased & Tenanted pubs, bars, restaurants and hotels.
Punch’s Operations Director Scotland Brian Davidson said, “We have over 200 sites in Scotland and are committed to working in partnership with our publicans to build a flourishing pub and hotel estate. Scotland boasts a wealth of talented entrepreneurs who are looking to develop their own business, and we can offer a range of quality sites together with the backing and support of a major national operator.”
Over recent months, Punch http://www.punchtaverns.com has invested £500k in developing the 16 bedroom Crown Hotel in Stornoway and £1 million in the 24 bedroom Portree Hotel on the Isle of Skye.
During 2016, the company plans to further develop key hotel sites in the North, Central Belt and Borders along with a number of pub sites throughout Scotland.
Brian added, “Tourism and the economy in Scotland are particularly buoyant and we have seen a growing demand for good quality hotel accommodation coupled with traditional Scottish hospitality. Our hotels and pubs are all in prime locations and refurbishment schemes have been designed to make the most of the site’s heritage whilst celebrating locally sourced food and drink. From traditional wet-led sites to award winning gastro pubs, our Scottish estate has it all.”