Punch Taverns this morning announced that it has bought InnSpired in a debt and share deal valuing the company at £335m. The deal adds 1,064 pubs to Punch’s 7,334-strong estate. Over 98% of InnSpired's estate is freehold/long leasehold and primarily consists of 'community' locals. The company said it would benefit in particular from InnSpired's presence in southern England, with over 50% of the estate located there. Punch has agreed to sell 88 pubs to Admiral Taverns for £22.6m. Of the sites being sold, 51 are from the InnSpired estate and 37 are from the existing Punch estate. The deal includes the assumption of £258m of external debt. Punch said the cash component would be funded through a combination of cash and debt from the group's existing resources. Giles Thorley, the chief executive of Punch Taverns, said: "This estate further enhances the group's geographic coverage and strengthens its presence in the south and south west in particular. "The significant investment opportunity it offers will deliver good returns from the outset and attractive growth potential for the future."