Pub Giant to Invest Pounds 4m

Evening Gazette (Middlesbrough, England), May 1, 2007 | Go to article overview

Pub Giant to Invest Pounds 4m


Byline: Karen Mclauchlan

Pub giant Punch Taverns today announced further investment for Teesside. The group, which has about 120 sites in the Tees Valley, said it planned to invest pounds 4m in the North and North-east region in the next six months.

The news came as the pub group revealed half year profits had climbed by almost a third to pounds 138m.

Andrew Thompson, field operations director for the North, today said the company was continuing to invest in the region.

He said schemes completed in the last six months included a pounds 300,000 refurbishment at the Otter and Fish at Hurworth near Darlington, a pounds 160,000 development at the Three Horseshoes at Cowpen Bewley and a pounds 400,000 investment at Trader Jacks (formerly Visions) at Billingham.

"This region is a very significant and important one for us," added Mr Thompson.

"We've purchased a further four pubs in the area since August last year and invested around pounds 4m.

"We'll be investing a similar amount in the second half of the year."

Across the Punch group 50 pubs were acquired in the last six months.

The company also invested a total of pounds 46m at 571 pubs.

Chief executive Giles Thornley said: "This is an excellent set of results in what has been an extremely active period for Punch.

"Both our leased and managed estates continue to perform well.

"We now have in place an estate of the highest quality. We remain confident of another year of progress for the group. …

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