Punch Taverns tenants have expressed their anger after the pub company recruited a third party agency to carry out surprise stock audits in its pubs, as part of a fresh crackdown on licensees buying outside the tie.
Save the Pub Group chairman MP Greg Mulholland has asked Punch for reassurance that its tenants deposits are secure in the event that the company goes into administration.
Punch Taverns executive chairman Stephen Billingham and a committee representing senior Punch noteholders have clashed over the process of the company’s debt restructure.
Punch Taverns, the tenanted and leased pub operator, has announced the full terms of its debt restructuring proposal and said that failure to effect the restructure would be expected to lead to a default in the near-term.
Punch Taverns has written to Prime Minister David Cameron refuting accusations made against the company by MP Greg Mulholland during Question Time in the House of Commons last week.
Punch Taverns has this morning set out its latest proposals for restructuring its debt securitisations, and said it will launch its final proposal by 15 January.
Punch Taverns, the tenanted and leased pub operator, has reported a 1.4% rise in like-for-like net income in its core estate in the 12 weeks to 9 November, and maintained its view that it intends to announce restructuring proposals in December.
Punch Taverns and leaseholder Graham Dennett, of the Rams Head Inn in Grappenhall, Cheshire, have been fined for failing to implement adequate fire safety measures.
Punch Taverns finance director Steve Dando could receive a one-off payment of up to 100% of his annual salary - £275,000 - on successful completion of the company’s capital restructure project, according to Punch’s Annual Report (PDF).
Punch has been found in breach of its code of practice at its first case though the Pubs Independent Conciliation and Arbitration Service (PICA-Service).
Punch Taverns is “on track” to have all of its area managers pass an industry-recognised qualification in hospitality management, after it revealed more than half had already qualified.
The Punch Taverns roadshows got off to a successful start with 144 Punch pubs from across the North East attending the first event in Newcastle on 1 October.
Punch Taverns has this morning reported that its performance for the 52 weeks to 17 August 2013 was in line with expectations, with like-for-like sales in its core estate up 0.4% in the fourth quarter.
Enterprise Inns and Punch Taverns collectively disposed of more than 5,000 (33.24%) pubs between 2008 and 2012 – that’s the figures from the Fair Deal for Your Local (FDFYL) campaign.
Punch Taverns is likely to slow down its disposals to between 300 and 350 in 2014, says finance director Steve Dando, who also said he’s “confident” that the company’s debt restructure will occur in the second half of 2013.
Hugh Osmond, the high-profile investor who founded Punch Taverns, has said that the closure of 10,000 pubs in the past decade had been “long overdue” and would ultimately benefit the industry.
A tenant who has been forced to leave his Ipswich pub after unsuccessful legal action has called Punch Taverns “ridiculous” and said he was making profits.
An ex-Punch Taverns tenant has sought legal action against the company after an unpaid gas bill from a previous lessee left him without hot water and the use of his kitchen.
Punch Taverns has defended its decision to help draft some of the letters sent by tenants to the Government in support of the pub company for the consultation into plans for a statutory code for pub companies.
A furious Punch Taverns tenant is on the verge of “throwing his keys back” at the pubco after an unpaid gas bill left him without hot water and the use of his kitchen.
Punch Taverns, the tenanted and leased pub company, has announced revised proposals for the restructuring of its £2.4bn debt securitisation and says it hopes to have the restructure completed this month.
Punch Taverns has become the first pub company to achieve BIIBAS accreditation for its code of practice under version six of the industry framework code, which was released in March this year.
Punch Taverns, the tenanted and leased pub operator, is to focus on helping its pubs improve their marketing by issuing all its licensees with a CD featuring marketing advice along with a copy of the quarterly guide Marketing Your Pub.
A Punch Taverns lessee has voiced concern over “split insurance policies” after being left more than £25,000 out of pocket following a sewage tank leak.
Pub companies Marston's, JD Wetherspoon (JDW), Punch Taverns and Stonegate have all made representations against Hartlepool Borough Council's decision to introduce restrictions to pub opening hours.
Only five free-of-tie leases were granted though Punch Taverns, Enterprise Inns and Marston’s in 2012, the first Royal Institution of Chartered Surveyors Pub Benchmarking Survey has revealed.
Punch Taverns has reiterated to stakeholders that a pre-pack administration of the company “cannot be executed” and such a move is not in their interests.
Punch Taverns has stepped in after a former licensee allegedly made off with deposits from customers for a chartered plane to take them to a football match.
Punch Taverns, the tenanted and leased pub operator, has reported another quarter of improved trends in the business, although profits, revenue and EBITDA all declined across the 28 weeks to 2 March 2013.
The Association of British Insurers (ABI) Special Committee of Noteholders has rejected the restructuring proposals put forward by Punch Taverns last month but said it was prepared to work with the tenanted pub operator “to reach a quick & efficient...
