Look at it!

Indeed!

PUB looking poorly now.

Unlike JDW :-)

Pre close statement has gone down well!

Ker-ching!

2 recent broker recommendations....

Date: 25 August, 2009
Broker: Numis Securities
Company: Punch Taverns


Recommendation:
Retain Buy price target 160p

AND

Broker recommendation full details

Date: 25 August, 2009
Broker: Altium Securities
Company: Punch Taverns


Recommendation:
Retain Buy price target 150p

Punch to cut value of estate by 600m

This has been a lovely short this morning - currently down 7.4%

nice one skinny, saw your post about this yesterday and completely forgot about it :-( would have been short too!!

Cheers Splat! - There are some sensible musings on this over the road.

took a contrarian long @ 111.7 (having said that!) after that acceleration in the drop, and out for a swift +1.5 :-)

Out of 75% of short now - stop @103 on the remainder!

Punch Taverns upgraded to trading buy from hold at Charles Stanley, TP raised to 160p from 115p
Business Financial Newswire
Charles Stanley believes the severity of Punch's situation seems to be receding. The group's reported PBT of 160m, though down 39%, was in line with its expectations, says analyst James Dawson.

'Estate stabilisation appears to be taking hold and the aggressive disposal programme has certainly enabled debt repayment at an equally aggressive rate.

'In our opinion, this may mark a genuine turning point for group operations.'

now under 96p still falling?

Oh yes!

that's what you call an upgrade :-)

What a load of tonka toys :-)

Oh joy :-))

Punch Taverns started with overweight rating at HSBC

News of Threshers closure is good news for Punch Taverns and Enterprise Inns...


Threshers group to axe 2,140 jobs

Published Date: 27 November 2009
Administrators of Threshers' owner First Quench today announced the loss of more than 2,140 jobs following another raft of store closures.

First Quench which also trades as Wine Rack, The Local, Haddows, Bottoms Up and Victoria Wine fell into administration in October after struggling amid the recession.

KPMG said 391 stores would close with the loss of 2,140 jobs, although it remained hopeful that some of the outlets would be sold as going concerns before the closure process was completed.

The stores are due to close by December 20, depending on stock levels.

The administrator announced 373 store closures at the start of November, followed by plans for another 381 last week. Liquidation sales are continuing within those stores earmarked for closure, while 247 sites have already shut.

KPMG remains in talks over the sale of more than 100 stores but said current conditions made it difficult to complete deals.

Richard Fleming, UK head of restructuring, said: "Unfortunately, despite the initial high level of interest, it remains difficult for buyers to complete deals in the current tough market."

Some deals have been concluded and Venus Wine and Spirit Merchants said earlier today that it had acquired 14 of the best-performing Wine Rack stores, adding that they would continue trading under the same name.

The firm is looking to keep on 90 staff working at the shops, which are across London and the South East, including Henley-on-Thames in Oxfordshire, Farnham in Surrey, and Ascot, Berkshire.

Another eight stores have been sold to SEP Properties, the administrator said.