 Pub firms have given a mixed reaction to the planned smoking ban |
Punch Taverns, the UK's biggest pub firm, has seen its annual takings more than double after buying a rival group. The Burton-on-Trent company bought the Spirit Group in January for �2.7bn. It then sold off hundreds of its pubs to focus on the most profitable venues. As a result, sales surged to �1.5bn in the year to 19 August, helping lift pre-tax profits 21% to �250m.
Punch owns and operates about 9,250 pubs across the UK, and the purchase of Spirit helped lift that by about 1,000.
As well as the Spirit takeover, Punch also bought an 82-strong portfolio of pubs, restaurants and hotels in England and Wales from Mill House Inns for �169m.
Punch said that sales since August had been promising and added it was well-prepared for the introduction of the smoking ban in England and Wales at the start of next year.
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