Mon, 10 Jun 2013 | BUSINESS NEWS
Pub company Punch Taverns is looking to restructure the business or risk having to sell off pubs or enter administration.
Punch Taverns is the biggest leased pub company in the UK and has over 4,200 pubs nationwide. The Sunday Times reported that the firm is due to put forward a plan this week for how to improve relations between the company’s management and some of its main creditors.
It endeavours to renew its efforts to address a large debt burden of £2.4 billion, built up partly during its own acquisition spree. Much of its debts are held in long-term bonds and any left over cash is used to pay off the interest.
If a restructuring plan cannot be agreed upon amongst the parties involved, Punch Taverns could be forced to sell off more of its pubs, or, at worst enter administration. A prior plan - that was rejected by some of the bondholders - would have involved some lenders writing off debts, with others accepting delayed repayments.
Under the new plan some lenders would be given cash to walk away. An investment bank, possibly Goldman Sachs, would meet payments. It is thought that this plan will be viewed as less than satisfactory by the lenders, however.
Established in 1997, with the purchase of a pub portfolio from Bass Lease Company, Punch Taverns has gone on to make some large purchases. It secured a deal to buy Pubmaster, with 3,115 leased and tenanted pubs in late 2003. The next large purchase saw it take on another 1,064 pubs form Innspired Group in 2004. It then bought Spirit Group’s estate of 1,829 managed pubs in 2006.
___________________________________________________________________________
Related articles:
Punch Taverns continues to close down pubs
Suffolk brewery to be put on the market
HK Taverns appoints administrators
Established in 1994, these three handsomely presented and fully-equipped unisex hair salons are located in a prominent trading location.
Established vehicle display is located in a Berkshire prominent main toad. The business boats an excellent reputation and customer base.
LEASEHOLD
Established 2019, this logistics company can be managed from anywhere. The business comes with reliable executives already in place.
19
|
Apr
|
Building services consultancy moves to employee ownership | MBO/MBI
A building services consultancy in the North East has moved ...
19
|
Apr
|
US firm acquires Somerset employee management provider | BUSINESS SALE
An employee management services firm based in Somerset has b...
18
|
Apr
|
Education specialist makes second LDC-backed acquisition | BUSINESS SALE
Hybrid, an education media and marketing services firm, has ...
07
|
Jan
|
Aston Lark Acquires Corporate Healthcare Specialist | BUSINESS SALE
Insurance broker Aston Lark has acquired Leicestershire-base...
11
|
Sep
|
McLaren plots sale and leaseback of iconic Surrey HQ | COMMERCIAL PROPERTY
Supercar and F1 racing group McLaren has engaged property ag...
29
|
Jun
|
Moonpig owner in business sale rumours | BUSINESS SALE
A number of private equity firms are thought to be circling ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.