Exclusive: Punch delays I4G investments
Punch Taverns is delaying new investment projects at its tenanted and leased pubs via its Investment for Growth (I4G) scheme.
A total of £15m has been earmarked for investment in the second stage of I4G, known as I4G2, this financial year. It follows a £20m investment in 2010.
But one Punch lessee, who declined to be named, told the Morning Advertiser his business relationship manager told him that "Investment for Growth has been stopped". "Those projects that have been started will continue and those that haven't been started won't go ahead," the licensee said.
A Punch spokeswoman said the focus is continuing with a programme of investment for both new and existing licensees, with a particular focus on the Ready for Business (R4B) programme of investment for pubs that are available to let.
She said existing I4G investments, which have averaged £40,000 across the estate, will be completed and there are plans to continue the programme at a later date, although no timescale has been given.
A statement from Punch said 166 investment schemes via I4G and R4B were completed in the first quarter of Punch's financial year, which began in August.
Punch said: "Each pub scheme is evaluated on a pub by pub basis in order to create best value with our focus currently on our Ready for Business programme.
"At the same time we continue support our existing partners in a range of ways, some via Investing For Growth 2 schemes, of which we have already completed a number and through continued financial support and advice."
