Punch Taverns has announced that it has reached agreement to sell four freehold central London pubs to Morgana Limited for a total of £6.7m.
Punch said the agreement is unconditional and is expected to complete on 30 June 2014.
The company added that for the financial year ended 17 August 2013, the pubs generated earnings before interest and tax of £300,000. As at 1 March 2014, the pubs had a book value of £2.5m.
Punch said: “Net disposal proceeds will be used to reduce debt and reinvest in the estate.”
