Steady trading for Punch

Punch Taverns has reported steady trading in the first 20 weeks of its financial year in line with its expectations, with Christmas sales also in line with recent trends.

Punch, which has 9,325 pubs, said like-for-like sales growth in its managed estate had been around 5 percent, driven by a greater emphasis on food, while its leased estate saw like-for-like turnover grow 1 percent.

This has been a period of continued progress for Punch Taverns on all fronts​Giles Thorley, chief executive.

Giles Thorley, chief executive, will tell the Punch Taverns AGM later today: "This has been a period of continued progress for Punch Taverns on all fronts.​

"Our pubs are trading well in a quiet market and we have continued to improve the quality of our estate through conversions, acquisitions and investment."

He will also reveal some boardroom changes.

He is expected to say: "We are today effecting some changes to our Board. Phil Cox is retiring after four years as Chairman, and will be replaced in this role by Peter Cawdron who first joined our Board in May 2003. Martin Glenn also retires from the Board today.​

"We would particularly like to thank Phil and Martin for their work with the Company and their contribution to a period of phenomenal progress for Punch.

"We now welcome two new directors to our Board - Andrew Knight, who is Managing

Director of our Spirit managed pub business, as executive director, and Phil

Dutton as non executive director.

"Phil was until recently Finance Director of Matalan and has excellent experience of retail businesses including Asda."