You may well be aware that Punch put all its toxic debts into two companies called Punch A and Punch B. Punch Taverns Plc continues to trade and is making small profits.
All has gone quiet in the financial press with regard to the Punch Taverns Great Escape. It looks as if the Banks and the Financial Institutions, who hold the enormous £2.5bn debt, have accepted a rescue plan. The plan includes the selling of well over 1,000 pubs and the shareholders losing all their investment.
You may also be aware that the Friends asked Punch if they would consider selling the Navigation. We were told that the Navigation is part of their “core estate” and that they had no intention of selling.
Now that the black cloud of liquidation has drifted away, we wait and see if this means that Punch will now invest in their core estate and undertake some redecoration and maintenance.