Pub group Punch Taverns has unveiled plans to sell around 1,300 leased properties after reporting a pre-tax loss of £159m for the 12 months ending 21 August.

The company revealed it had earmarked a "core estate" of around 4,700 properties with a long-term future, while the remaining sites - totalling 1,347 - are to be offloaded by the end of the year. Compared with its results for the previous year, Punch reported a 9 per cent reduction in net debt to £322m, while EBITDA dropped by more than £90m to £422m.

Punch chief executive officer Ian Dyson said: "I have started a comprehensive review of our strategy, operating performance and capital structure with a view to exploring options to create value for our shareholders."