for the upcoming film see two for one film . for other uses see two for one disambiguation . it has been suggested that two for one pubs be merged into this article . discuss proposed since march 2016 . punch taverns plc type public traded as lse pub industry pubs founded 1997 headquarters burton upon trent england uk key people stephen billingham executive chairman duncan garrood ceo neil griffiths coo revenue 420.8 million 2015 1 operating income 183.9 million 2015 1 net income loss 82.6 million 2015 1 number of employees 409 2015 1 website www.punchtaverns.com punch taverns plc is a pub and bar operator in the united kingdom with around 3 500 leased and tenanted pubs . 2 it is headquartered in the traditional brewing centre of burton upon trent in staffordshire . it is listed on the london stock exchange and is a constituent of the ftse smallcap index . the company has been in negotiation with its bondholders in order to secure its future as a going concern . in september 2014 bondholders and shareholders agreed a restructuring plan with bondholders taking an 85 % stake in the company . 3 contents 1 history 2 operations 2.1 leased pubs 2.2 debt and going concern 3 criticism 4 see also 5 references 6 external links history edit the company was established by former pizzaexpress head hugh osmond and caf rouge founder roger myers in 1997 when they bought the bass portfolio of public houses . 4 in 1999 punch purchased allied domecq s pubs for 3 billion beating a rival bid from whitbread . 5 6 after the deal punch spun off its managed pubs into a separate division punch retail which was later renamed spirit group . 7 in 2002 punch demerged the spirit group 8 and then floated itself on the london stock exchange . 9 later on punch acquired the alehouse and beer engine names from whitbread and later acquired inn business . punch then bought pubmaster in november 2003 the acquisition of larger rival pubmaster catapulted the operator to number one in the league . 10 the acquisition took the group to more than 7 000 pubs and cemented punch s position as a major pub operator . after completing this deal punch later bought innspired inns plc 11 and then avebury taverns . 12 meanwhile spirit group at that time independent from punch taverns expanded when it acquired scottish & newcastle s 1 450 strong pub estate in 2003 beating off rival mitchells & butlers . 13 in september 2005 spirit group sold its city nights portfolio of in excess of 180 pubs and clubs en bloc to alchemy the financial backers behind the newly formed tattershall castle group tcg . 14 in december 2005 punch agreed to re acquire the spirit group for 2.68 bn which since 2002 had been owned by the private equity firms blackstone texas pacific and cvc capital partners . 15 in 2006 the company sold its old orleans pub chain which it had acquired when it bought spirit group to regent inns . 16 punch also sold 290 spirit sites to the private equity firm gi partners . 17 in march 2008 punch withdrew from a bid to merge with mitchells & butlers . 18 on 22 march 2011 punch announced that as part of a strategic review it would demerge its managed pub division . 19 spirit pub company was established as a separate company and took over 803 managed pubs and 549 leased pubs . this included the branded pubs chef & brewer taylor walker pubs fayre & square original pub company flaming grill pub company john barras pub company wacky warehouse and good night inns . each shareholder in punch received one share in spirit pub company . the demerger was effective on 1 august 2011 . 20 in october 2015 punch disposed of its 50 % holding in matthew clark a drinks wholesaler and distributor to conviviality plc. 21 22 operations edit leased pubs edit punch had 4 096 pubs as at 17 august 2013 . of this total 2 990 were classed as core . the company s stated aim is to make each core pub the best of its type in its marketplace . 1 the remaining 1 106 are classed as non core . the company operates non core pubs to maximise short term returns with a focus on costs and cash flow with an expectation that most will be sold within four years . approximately 1 100 non core pubs had been sold between 2011 and 2013 . 1 debt and going concern edit the company and its subsidiaries have issued loan notes in two separate tranches ; tranche a 1 449m of debt secured on 2 356 pubs and tranche b 884m of debt secured on 1 675 pubs . in their 2013 annual report approved on 24 september 2013 the directors state that the group is in compliance with its covenants and has adequate cash resources for the foreseeable future . however the directors state that it is in the best interests of all stakeholders to achieve a consensual renegotiation of both of the securitisations . if a covenant breach were to occur and if loan note holders were to require immediate repayment then the ability of the group to continue as a going concern would be in doubt . 23 criticism edit punch taverns was one of the companies reviewed as part of a 2009 house of commons monopolies inquiry into pub groups . on may 13 2009 the report 24 was published and it raises a series of questions about the pub company pubco tied pub business model and calls on the government to act urgently in particular to refer the matter to the competition commission . it challenges the pubcos which operate a tie to prove its benefits by giving lessees the choice between a tied or free of tie lease . 25 the report also raises issues regarding the actual conduct of pubcos in dealing with struggling tenants . shortly following the committee s report camra issued a super complaint forcing the office of fair trading to investigate this within 90 days . the oft published its report on the 22nd of october 2009 . the report largely cleared the industry of behaving in any way that caused damage to consumers 26 see also edit anchor bankside references edit a b c d e f annual report 2015 pdf . punch taverns . retrieved 11 december 2015 . start a pub business with the uks largest pub company . punchtaverns.com . retrieved 3 april 2015 . company announcement of approval of restructuring company history . www.punchtaverns.com . retrieved 17 september 2014 . punch taverns plc company history . retrieved 31 may 2011 . mr punch aims at allied domecq independent 22 june 1999 business big shot hugh osmond . timesonline.co.uk . retrieved 3 april 2015 . punch weighs up 4bn demerger . the independent . retrieved 3 april 2015 . shanny basar . punch rises above issue price in revived ipo . efinancialnews.com . retrieved 3 april 2015 . mark milner . punch agrees to buy pubmaster for 1.2 bn . the guardian . retrieved 3 april 2015 . bbc news business punch buys innspired pub group . bbc.co.uk . retrieved 3 april 2015 . punch swallows avebury for 219m business news business the independent . the independent . retrieved 3 april 2015 . spirit poised to buy 2.5 bn s & n pubs . the independent . retrieved 3 april 2015 . pub news & pub property search for the uk pub trade . morningadvertiser.co.uk . retrieved 3 april 2015 . punch taverns buys rival pub operator spirit for 2.68 bn a golden time for the sharks . oxford mail . retrieved 3 april 2015 . catering & hospitality news . caterer search . retrieved 3 april 2015 . punch taverns cancels m & b merger . news.bbc.co.uk . 2008 03 28 . retrieved 2008 05 01 . company announcement of proposed demerger spirit shares start trading after punch demerger . the publican s morning advertizer . 2011 08 01 . retrieved 2011 08 01 . conviviality deal with matthew clark clears last hurdle . the drinks business . retrieved 2015 12 11 . completion of acquisition and change of name pdf . conviviality plc. retrieved 2015 12 11 . punch taverns annual report 2013 page 46 house of commons . business and enterprise committee pub companies retrieved 06 07 2009 mps publish report on pub companies retrieved 06 07 2009 office of fair trading website oft publishes response to camra super complaint retrieved 06 nov 2009 external links edit official site official spirit group site retrieved from https en.wikipedia.org w index.php title punch taverns & oldid 714558970 categories hotel and leisure companies of the united kingdomcompanies based in burton upon trentcompanies listed on the london stock exchangepub chainsrestaurants established in 1997hidden categories articles to be merged from march 2016all articles to be merged navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages deutschfran ais edit links this page was last modified on 10 april 2016 at 14 08 . text is available under the creative commons attribution sharealike license ; 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