Punch Taverns, the tenanted and leased pub group, has completed its acquisition of Avebury Taverns from Vision Capital, for £219m. The deal, which includes the assumption of £120m of debt, adds 409 pubs to Punch, taking its estate to just over 8,200 pubs. About 95% of the Avebury estate is freehold or long-term leasehold. Punch also expects to acquire approximately £26m of cash balances. As at April 2005, Avebury’s operating assets were valued at £171m. In the year to April 2005, the business generated profit of £22.2m, equating to just under £55,000 per pub.