Punch Taverns will create 250 new jobs in Scotland
as part of its plans to invest more than £3million
in its portfolio north of the border, the pub
operator said yesterday.
Punch, which has about 230 sites in Scotland, said
the new investment was on top of the £1.5million it
spent on refurbishing hotels on Skye and Lewis in
the last year.
A third of that money went towards sprucing up the
16 bedroom Crown Hotel in Stornoway, an
establishment which is famous for serving Prince
Charles’ first underage drink.
The remaining £1million was used to refurbish the 24
bedroom Portree Hotel on Skye.
The next 12 months will see the Eagle Hotel in
Dornoch and the Corriegarth Hotel in Inverness get
revamps costing £200,000 to £300,000 each.
Punch will also spend £100,000 on the Scotia Bar in
Aberdeen and £300,000 on Blacksmiths, a pub in
Inverness.
By investing in its Scottish portfolio, Punch is
hoping to tempt the country’s rich pool of
entrepreneurs to choose one of its sites for
developing their own business – and capitalise on
the growing tourism market.
Brian Davidson, operations director at Punch, said:
“We have some great pubs and hotels coming up for
lease that need strong local entrepreneurs to run
them.
“As part of our support package, we will work
closely with them to develop their business plan,
making this a great opportunity for the right
candidates to take the lead on running their own
invested site.”
Mr Davidson was speaking after Punch revealed its
interim pre-tax profits had plummeted 84% to
£54.7million on revenues of £212.9million.
The previous year’s figures were inflated, however,
by the proceeds from Punch’s capital restructuring
efforts.
On an underlying basis, pre-tax profits came in at
£27.3million for the 28 weeks to March 5, a year-
on-year decline of £3.1million.
The Staffordshire-based firm sold £288million of
worth of real estate in the last 18 months in a bid
to shrink its debt pile.
At the start of last month, the business boasted
3,330 establishments across the UK, the vast
majority of which are held on a freehold or long
leasehold basis.
Punch hopes to reduce that figure to 2,800.
Mr Davidson said Punch’s estate in the north of
Scotland had not been impacted by the divestments.
Average profits per-pub went up 3% during the period
under review.
The listed company’s shares closed last night almost
12% higher to 108.5p.
See Latest Current Breaking News, Trade Portal
as part of its plans to invest more than £3million
in its portfolio north of the border, the pub
operator said yesterday.
Punch, which has about 230 sites in Scotland, said
the new investment was on top of the £1.5million it
spent on refurbishing hotels on Skye and Lewis in
the last year.
A third of that money went towards sprucing up the
16 bedroom Crown Hotel in Stornoway, an
establishment which is famous for serving Prince
Charles’ first underage drink.
The remaining £1million was used to refurbish the 24
bedroom Portree Hotel on Skye.
The next 12 months will see the Eagle Hotel in
Dornoch and the Corriegarth Hotel in Inverness get
revamps costing £200,000 to £300,000 each.
Punch will also spend £100,000 on the Scotia Bar in
Aberdeen and £300,000 on Blacksmiths, a pub in
Inverness.
By investing in its Scottish portfolio, Punch is
hoping to tempt the country’s rich pool of
entrepreneurs to choose one of its sites for
developing their own business – and capitalise on
the growing tourism market.
Brian Davidson, operations director at Punch, said:
“We have some great pubs and hotels coming up for
lease that need strong local entrepreneurs to run
them.
“As part of our support package, we will work
closely with them to develop their business plan,
making this a great opportunity for the right
candidates to take the lead on running their own
invested site.”
Mr Davidson was speaking after Punch revealed its
interim pre-tax profits had plummeted 84% to
£54.7million on revenues of £212.9million.
The previous year’s figures were inflated, however,
by the proceeds from Punch’s capital restructuring
efforts.
On an underlying basis, pre-tax profits came in at
£27.3million for the 28 weeks to March 5, a year-
on-year decline of £3.1million.
The Staffordshire-based firm sold £288million of
worth of real estate in the last 18 months in a bid
to shrink its debt pile.
At the start of last month, the business boasted
3,330 establishments across the UK, the vast
majority of which are held on a freehold or long
leasehold basis.
Punch hopes to reduce that figure to 2,800.
Mr Davidson said Punch’s estate in the north of
Scotland had not been impacted by the divestments.
Average profits per-pub went up 3% during the period
under review.
The listed company’s shares closed last night almost
12% higher to 108.5p.
See Latest Current Breaking News, Trade Portal
