The Guardian is reporting that Punch Taverns have plans to sell 1300 pubs following the announcement of losses of £160 million.
New Chief Executive Ian Dyson said he wanted to stabilise the business -- where pubs have been battling the ill-effects of a smoking ban, duty increases and recession -- by increasing food sales, reducing debt and pruning its ailing tenanted estate to a core of 4,700 pubs over the next two to four years.
That would be a 40 percent reduction of its leased estate since a peak of 7,500 pubs three years ago.
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