Punch Taverns is to transfer 50 pubs from its Spirit managed division to its tenanted section. The move is the first major transfer of managed pubs since the conversion of 660 pubs in the wake of the acquisition of Spirit. A spokesman said: “As with any pub operator, we constantly review our estate to maximise the potential of our pubs. One of our key strengths is that we have the ability to make sure that we have the right pub in the right place, operating under the best model. "As part of business as usual, we have identified circa 50 pubs to transfer from our managed to leased estates.” Agent Christie & Co has been instructed to market the pubs, which are spread across England and Wales.