As expected, the UK pub operator, Punch Taverns, has announced a refinancing programme which will raise £250m in cash to finance acquisitions.
The company is expected to make a move for unbranded pubs in the S&N chain, currently up for sale, which may be sold off by the successful bidder which will be primarily interested in the branded businesses.
Punch has also been linked with a possible takeover bid for rival pub operator, Pubmaster.
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