Punch Taverns has confirmed it is to sell 380 of the 1,800 pubs acquired for £2.7bn from the Spirit Group earlier this year.

Of the remaining properties, Punch will retain an estate of 680 managed pubs and convert 740 managed pubs to tenancy within the next six months.

Giles Thorley, chief executive, said: “After some further disposals and lease conversions, Punch will own a high-quality managed house estate to complement our successful leased estate.”

Punch also announced strong first half results for the 28 weeks ending 4 March 2006.

Group turnover increased by 53 per cent to £619m from £404m in 2005. Pre-tax profit rose by 13 per cent to £116m.

It is also speculated that Punch may bid for the package of 220 Beefeater and Brewers Fayre pub-restaurants which could be put on the market by Whitbread for an estimated £500m. Details: www.punchtaverns.com