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Last Updated: Friday, 10 September, 2004, 06:58 GMT 07:58 UK
Punch buys Innspired pub group
Beer
There are expected to be cost savings from the deal
UK pub group Punch Taverns is buying Innspired, which operates leased and tenanted pubs across England and Wales.

Punch is buying the estate of 1,064 pubs, in a deal worth 335m ($598m) including 258m of debt.

More than half of Innspired's pubs are in the south of England. Most of the estate is freehold or long leasehold, consisting of "community locals".

"The estate comprises stable, cash-generative pubs with significant potential for investment," said Punch.

'Excellent fit'

Innspired was originally formed from the merger of two pub estates, Ushers of Trowbridge and Alehouse Limited.

Recently, it acquired "a sizeable portfolio" from Scottish and Newcastle.

Punch said that at 31 October, 2003, the latest audited accounts, Innspired's net assets were 34.4m.

Before the deal, the Punch estate comprised 7,334 pubs across the UK.

"Innspired is an excellent fit with Punch, providing improved geographic spread and diversity," said Punch in a statement.

"Following integration, synergies are expected to be in excess of 3m per annum, generated from purchasing benefits and other cost savings."


SEE ALSO:
Pub owners join forces
06 Nov 03  |  Business
Brewers bow out of the pub
06 Oct 03  |  Business
Pub chain profits pack a punch
05 Nov 02  |  Business
Punch scraps stock market debut
16 May 02  |  Business


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