LONDON, March 22, 2011 /PRNewswire-FirstCall/ -- Punch
Taverns plc unveiled the results of its strategic review today
which sees the proposed demerger of the existing business into two
separate managed and leased entities to be known as Spirit and
Punch respectively.
The company says it looked at all options to put the business on
a more sustainable footing including walking away from its
bondholders, but in a video interview with http://www.cantos.com
Ian Dyson, CEO, commented that "we
didn't think walk-away was at all an appropriate option for our
shareholders nor for our other stakeholders."
He says the company has yet to finalise details of the new
management team but that the prospects for both business would be
enhanced by the move - in the case of the managed side by realising
immediate value through growth and development, and on the leased
side by cutting the size of the estate to 3000 high quality
pubs.
He says the separation is to some extent already underway inside
the business and that the aim is for the demerger to be completed
by the end of the summer.
The interview and transcript are available now on
http://www.cantos.com/company/Punch+Taverns.
Cantos.com, the online financial broadcaster, features in-depth
interviews, documentaries and webcasts with senior company
executives. If you would like to contact us, please email
prnsupport@cantos.com or phone +44-207-936-1372.
SOURCE Punch Taverns plc