The five central London freehold pubs sold by Punch Taverns to a property company will remain as pubs, a spokeswoman for the pub company has told M&C Report.
Punch yesterday said it had agreed to sell the five sites to Isle of Man-based Manica Properties for £9.7m, with completion due on 30 June.
A Punch spokeswoman said: “I can confirm that the leases will be transferred with the tenants in place so the pubs will remain as pubs.”
Net disposal proceeds will be used to reduce debt and reinvest in Punch’s estate.
For the financial year ended 17 August 2013, the pubs being disposed of generated EBITDA of £0.5m. As at 1 March 2014, the pubs had a book value of £4.4m. Last month, Punch announced that it had reached agreement to sell four freehold central London pubs to Morgana Limited for a total of £6.7m.
