Punch Taverns has “categorically” dismissed rumours claiming it has allowed tenants to buy outside the tie, ahead of the noteholders’ vote on its debt restructuring proposals next week.
Rumours circulating across a number of forums in the pub trade stated that suppliers had stopped delivering to Punch pubs due to the uncertainty surrounding the pub company’s future. There were claims that the pub company’s BDMs (business development managers) had subsequently given tenants permission to buy outside the tie.
However, Andy Slee, Punch’s external affairs and central operations director, told M&C Report’s sister title the Publican’s Morning Advertiser that Punch had “absolutely not” issued these statements and it is “business as usual” across the estate, irrespective of the outcome of the vote on Valentine’s Day.
Last week a group representing Punch taverns noteholders, under the auspices of the Association of British Insurers, said it was unable to support the restructure proposals.
Executive chairman Stephen Billingham said yesterday: “The next few days will be some of the most important in the company’s history. The Punch board calls on all parties to vote in favour of the restructuring proposals.”
