Punch Taverns plc 2011 Annual Report

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06 Punch Taverns plc Annual Report and Financial Statements 2011 Chief Executive Officer’s statement continued Achievements 3,000 core pubs Our progress We have made good progress this past year in our strategic plan launched two years ago to restore growth to our core pub estate n Management actions have improved the performance of our estate n We have completed the Pathway to Partnership programme, creating the platform for future growth n We have undertaken a further strategic review and decided to accelerate our strategy of disposing of non-core pubs n We have demerged our managed business and reorganised to focus on creating value in our leased and tenanted business Punch Taverns comprises two separate divisions 3,000 high-quality core pubs nationwide ranging from wet-led community locals to award-winning gastropubs 2,000 non-core pubs available for sale
Punch Taverns plc Annual Report and Financial Statements 2011 07 Pathway to Partnership programme completed Invested in 327 core pubs with an estate-wide investment spend of £38m Successfully disposed of 398 non-core pubs, ahead of book value Business review Signed up over 1,600 Partners to the Punch Buying Club with an avera ge 21% of total beer order value now processed online Pathway to Partnership We have completely overhauled the way we do business as part of this programme, which has been delivered over the past two years. It included the creation of a BIIBAS-accredited Code of Practice which lays out clearly what our Partners should expect from us when taking on a pub and is now at the heart of the way we do business. The programme also led to the development of our new lease, offering a clear choice between rent and discounts on tied beer (including the option of free-of-tie pricing), incentives for above target performance, no upward rent reviews, and multiple guest ales free of tie. Partner relations We have opened up new channels of communication with our Partners through the Punch Buying Club blog and via an independent Partner feedback survey which was delivered to more than 500 Partners online. Regional Partner forums have continued throughout the last year and Partner events, where licensees can share best practice, have also been introduced on a regional level. Partner Development Managers Partner Development Managers (PDMs) are key to driving the performance of our pubs. Working purely in the core division, with a reduced number of pubs to manage, the PDMs’ focus is to work with our Partners to improve retail performance in our pubs. As well as fewer pubs to look after we’ve increased their time spent in pubs by removing the property elements of their role. Key to this has been the recruitment of a RICS-qualified team of Rental Valuation Surveyors to carry out all rent valuations. Investments Our investment programme improved 574 pubs last financial year, with a total spend of £38m across the estate. Investment values range from £6,500 to a £350,000 transformational spend, with an average spend of £65,500. One hundred and twenty transformational spends were completed, with a further 400 ‘Ready for Business’ investments taking place, underlining our commitment to develop an estate of well-invested, high-quality pubs representing the best leased pubs in the UK. Financial statements Governance Marketing support More than 2,600 of our Partners attended our industry-leading roadshows in 2010. And with our help, our pubs have delivered more than 500 beer festivals to date, with almost 1,000 of our pubs joining our Finest Cask scheme and a similar number joining Cask Marque. The UK’s biggest pub darts event and a national pub quiz which saw more than 2,000 Partners’ nights have also driven footfall across all our estate. For more information visit: www.punchtaverns.com
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