Punch Taverns wakes up to its debt crisis

Former stock market darling admits it is staring bankruptcy in the face after sharp dip in beer consumption Punch Taverns, the debt-laden landlord group that owns almost one in 10 British pubs, has finally conceded it will face bankruptcy unless it strikes a deal with bondholders who own the group's £2.4bn debt. Five years ago, the business was a stock market darling, a FTSE 100 business worth £3.5bn – on top of which it had stacked long-term debt of £5.1bn. A blaze of debt-fuell...