Newspaper article The Journal (Newcastle, England)

Pounds 10m Savings Pack Plenty of Punch to Pub Group Share Price

Newspaper article The Journal (Newcastle, England)

Pounds 10m Savings Pack Plenty of Punch to Pub Group Share Price

Article excerpt

Punch Taverns said yesterday it was on track for annual savings of pounds 10m after buying up North pubs group Pubmaster.

The tenanted pubs group closed the Hartlepool head office of Pubmaster in June, with the loss of around 100 jobs, after it bought the 3,100-strong chain last November for pounds 1.2bn.

Punch, now Britain's second-biggest pubs group, said yesterday that the Pubmaster business was fully integrated and its estate now stood at 7,334 pubs ( nearly double the amount it owned at the same stage last year.

Annual savings of pounds 10m would be achieved after improved supply deals were clinched with two major suppliers and a number of regional and smaller brewers, it said.

Chief executive Giles Thorley said: "This has been another year of strong growth and improvement within our estate, which has now been enhanced by the transformational Pubmaster acquisition."

Turnover grew by 2.9pc in the year to August 21 at those pubs not acquired in the Pubmaster deal. …

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