Doing the decent thing, but will it be too late?

"It's not out of the woods yet." So mused a pretty well-informed industry observer on the situation at Punch Taverns.

When the UK's largest pub company announced it was planning to raise £375m via a 350 million share placing - a move described by chief executive Giles Thorley as clear evidence of the group's determination to crack on despite the challenging market conditions, only months after stating no such strategy would see the light of day - many in the Square Mile looked on in a kindly fashion. Yes, it would be dilutive from an earnings-per-share angle, a number of City types argued, but at least the group was getting to grip with its debt.

Not everyone agreed with this take on things, however. Beyond buying itself a bit of breathing space, particularly by offering to hoover up a large chunk of its 2010 Convertible - the group's bête noire​ in recent months - many believe Punch still has a pretty high mountain to climb before feeling the warmth of the sun on its corporate countenance.

There is still much discussion concerning the securitised pub operations within Punch that are currently rather (s)trapped - quite literally - for cash. Freeing up these is vital if the group is to achieve some of the operational goals it has set. And again, opinion on the likelihood of this happening any time soon is divided.

But by coming up with a number of key proposed changes to aspects of its lease agreements Punch has signalled that it is serious when it comes to doing the decent thing by its lessees. But will it be too little, too late, both for the people who run its pubs and its own commercial future?

Roger Whiteside, the former boss of Threshers who now heads the pubco's leased arm, is to be congratulated for pressing ahead with such vital reform.

The proof of the proposals will be in their even-handedness, the equitable division of risk that for so many remains the Holy Grail of the licensed sector.

And if Whiteside's proposals do​ serve to improve the lot of his licensees one can surely and justifiably ask why such changes weren't implemented years ago by previous management…