Exclusive – Punch completes £640m debt refinancing: Punch Pubs & Co, the Andy Spencer-led, 1,264-strong pub company, has completed a £640m debt refinancing to support its long-term growth plans, Propel has learned. As part of the refinancing, the business has extended its bond financing – originally due for repayment in 2026 – through to December 2030 and increased the size of the bond from £600m to £640m. Propel understands that the response from investors to the offering was incredibly strong, with the bond more than twice oversubscribed. A source close to Punch told Propel: “That level of interest speaks volumes about the confidence the market has in the Punch brand and its future.” The company said it intends to use the gross proceeds of the offering to pay the consideration for its £600m senior secured notes due 2026 issued on 24 June 2021; repay in full its outstanding borrowings under its super senior revolving facilities; and pay estimated fees and expenses incurred in connection with the offering. Concurrently with the issuance of the notes, Punch also entered into an undrawn revolving credit facility with Barclays Bank and National Westminster Bank, which will provide for borrowings of up to £85m. Last month, the Fortress-backed business reported strong current trading and said it expects its Ebitda to rise above £100m in its current financial year. The company said for the 28 weeks to 23 February 2025, total revenue was £168.3m compared with £165.1m in the prior year period of 28 weeks to 25 February 2024. Punch said that all three of its divisions – leased and tenanted, management partnership and Laine – delivered like-for-like underlying Ebitda growth for the 28-week period when compared with the prior year. Underlying Ebitda for the pub estates before central costs increased by £3.2m to £61.8m for the 28 weeks to 23 February 2025. The group benefits from operating a predominantly freehold estate, with 92% of its portfolio owned on a freehold or long leasehold basis. Punch features in the Propel Turnover & Profits Blue Book, which features 1,108 companies and is exclusive to Premium Club subscribers. Punch's turnover of £323,500,000 for the year ending 11 August 2024 is the 39th highest in the database. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.

Award-winning author, journalist and beer historian Martyn Cornell passes away: Martyn Cornell, the award-winning author, journalist, beer historian and former Propel writer, sadly passed away earlier this week aged 72. Cornell was a founding member of the British Guild of Beer Writers, and a former Beer Writer of the Year. His books included Beer: The Story of the Pint, Strange Tales of Ale, and Amber, Black, and Gold: The History of Britain’s Great Beers. He also produced Zythophile, the award-winning blog about beer now and then, founded in 2007, and was one-time managing editor of Propel and a regular columnist. Paul Charity, founder of Propel, said: “Martyn, who worked for Propel for a while, was a brilliant historian of beer and pubs. He was also a formidably good columnist and could be counted on to take any subject and apply fresh and challenging insights. He wrote beautifully with every word made to count. His work was driven by a passion for its subject – Martyn’s work was the opposite of that produced by the journalistic hack; the reader was learning and stimulated into deep thought.” Katherine Doggrell, Propel’s editorial advisor and founder of NewDog PR, said: “Martyn was a valuable teacher to me as a young journalist, helping me to develop my skills in an occupation he saw as a true craft. His enthusiasm for his subject shone from him – walking into the Great British Beer Festival with him was like walking into Wembley with Bono; if Bono managed to ditch his Messiah complex!”