Punch Taverns has announced it has radically altered the way it lets a pub that has been returned to it by a licensee who can no longer run the business.
Roger Whiteside, managing director of Punch Partnerships, the group's leased pub operation, said the new Ready For Business programme, which launches today, will see investment monies committed to a returned pub "as soon as we get it back", meaning new lessees are "set up for success and ready to begin trading from day one".
Punch was "turning on its head" it former practices, Whiteside said. Whereas in the past the pubco would put a returned pub under temporary management and only spend money on the site once a new long-term lessee was in place, money would now be pumped into a site upon its return to the company.
"Ready For Business means we will now commit to invest in that pub as soon as we get it back," said Whiteside, "so that it not only trades better under temporary management but that it will appeal to the calibre of partner that we want to attract to take that business forwards.
"Most importantly, Ready For Business will ensure that our new partner has the best possible chance to trade their pub to its optimum level from the outset."
Punch said it was also restructuring support and training packages offered to new lessees, "with the focus on aligning close BRM support and business development activity with foundation training for partners".
Whiteside said: "It has always been our priority to help get our partners off to the best possible start and Ready For Business is the next step in ensuring that all the key elements are in place to enable our partners to focus on trade building right from the off, with the support and expertise of our operations teams alongside them."