Punch Taverns PLC Class 2 Disposal (6521I)

TIDMPUB

RNS Number : 6521I

Punch Taverns PLC

03 June 2014

Punch Taverns plc

3 June 2014

Punch Taverns plc

("Punch")

Punch is pleased to announce that it has reached agreement to sell 5 pubs to Manica Properties Limited for a total consideration of GBP9.7 million. The pubs to be sold are freehold outlets located in central London. The agreement is expected to complete on 30 June 2014.

The consideration will be satisfied in cash. Net disposal proceeds will be used to reduce debt and reinvest in the estate.

For the financial year ended 17 August 2013, the pubs being disposed of generated earnings before interest and tax of GBP0.5 million. As at 1 March 2014, the pubs had a book value of GBP4.4 million.

Enquiries:

Punch Taverns plc

Steve Dando, Finance Director Tel: 01283 502215

This information is provided by RNS

The company news service from the London Stock Exchange

END

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