LONDON, March 22, 2011 /PRNewswire-FirstCall/ -- Punch Taverns plc unveiled the results of its strategic review today which sees the proposed demerger of the existing business into two separate managed and leased entities to be known as Spirit and Punch respectively.
The company says it looked at all options to put the business on a more sustainable footing including walking away from its bondholders, but in a video interview with http://www.cantos.com Ian Dyson, CEO, commented that "we didn't think walk-away was at all an appropriate option for our shareholders nor for our other stakeholders."
He says the company has yet to finalise details of the new management team but that the prospects for both business would be enhanced by the move - in the case of the managed side by realising immediate value through growth and development, and on the leased side by cutting the size of the estate to 3000 high quality pubs.
He says the separation is to some extent already underway inside the business and that the aim is for the demerger to be completed by the end of the summer.
The interview and transcript are available now on http://www.cantos.com/company/Punch+Taverns.
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SOURCE Punch Taverns plc