Mike Tye, the head of Punch’s managed division, has claimed that by the end of this year 220 pubs will have been “fixed” by conversion to new concepts or investment, writes Paul Charity . Tye said the company was targeting a 25% return on investment (ROI) as it looked to step up its investment programme. The company would have invested in around 50 Chef & Brewer sites by July this year and has 55 “Ideal Local” sites finished. A roll-out of urban “Metro” sites would be complete by the first financial half year in 2011. The company would move ahead on opening five more Roast Inn carvery sites after opening its first in Rotherham. It has opened its third Every Day Gastro in Esher and would have 10 open by the year-end — it’s targeting 50 in total. The first Flaming Grill site was doing “astonishingly well” and Punch was ready to open another five sites. Punch also has a community local concept called Bedrock it will roll-out in the second half of 2011. Tye said that the recession had favoured well-delivered, strong brands — and Punch had started from a disadvantaged position. The opportunity to create upside within the Punch managed estate was high now the company had established a platform for growth, said Tye. “It won’t happen over night and has got some way to go — bear with us for a bit longer." Tye also revealed that the Punch would convert nine Old Orleans sites that reverted to it when Regent Inns went into administration to a new concept with a Californian inspiration. The conversions would take place by July.