Greene King looks to have a stronger business model than Punch Taverns, Panmure Gordon commented this morning, after studying a survey carried out by the Morning Advertiser. Stuart Price, analyst at Panmure Gordon, said that it was inevitable that Punch would make further acquisitions. "However", he said. "The survey of tenants suggested that Punch should pause for breath. It needs to spend time and effort on improving the relationship with its tenants - the key driver of its business." Last week Panmure Gordon reduced its ‘buy’ recommendation on Punch to ‘hold’ because it believed the share price had begun to discount the next acquisition. The survey reported that Greene King’s tenants were found to be happier than those under contract with Punch. The survey reported that 70% of respondents felt that their landlord did not care about their success. For Punch, this is figure was 89% against 57% for Greene King and 43% for the regional brewers. There was also a fall in confidence levels in Punch: only 8% of its tenants said that they felt better about their landlord; compared to 23% in Greene King.