Punch Taverns shareholders have given their approval to the sale of the company’s 50% stake in drinks supplier Matthew Clark.

Punch will sell its share of the business to Bargain Booze operator Conviviality Retail for £100.7m.

The pubco has said that following completion, it will enter into a 10 year non-exclusive drinks supply contract with Matthew Clark for the supply of selected wines and spirits drinks products at agreed pricing levels.

The completion of the acquisition is expected on Wednesday 7 October.