Punch pubs go under the hammer at Christie

25th Sep 2009 16:28

Heavily indebted Punch Taverns is to try a new tack in its asset disposal programme by putting more than 300 of its pubs up for auction with Christie & Co.The up for sale pubs are spread throughout the UK and range in price from nil premium leases to £0.5m. More than 90% of the sites are freehold, and most have vacant possession.'Some of these sites have already been on the market but they are being relaunched through Christie + Co, many at revised prices, to stimulate interest and secure buyers,' Punch said in a statement.It is not the first time Punch has used Christie's to offload assets; the auctioneer successfully completed the marketing of the majority of a package of 50 Punch managed houses earlier this year.