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Punch's community approach saves it from High Street downturn
Punch Taverns has reported steady growth and like for like turnover up 2 per cent in the 20 weeks to 4 January, at its company AGM.
Giles Thorley, who officially became chief executive following the AGM, said the company continued to perform well, largely due to owning community pubs and therefore suffering less from the downturn in trading that has hit High Street operators.
'Our focus on predominantly community pubs provides inherent strength and shields us from some of the effects of the trading difficulties that have been experienced by HighStreet pubs,' he said. 'The continued improvement in performance reflects the resilient features of the leased/tenanted business model.'
So far during this financial year, Punch has bought 198 pubs for £76m, invested £9m in refurbishing 131 sites and disposed of 19 pubs at a profit to book value. The group's estate now stands at 4,479 pubs.
Interim results for the 28 weeks to 1 March 2003 are expected to be announced on 24 April.
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