Punch Taverns plc is a pub company with more than 8,400 leased, tenanted and managed pubs across the United Kingdom. It is engaged in the operation of public houses under either the leased model or as directly managed by the Company. The leased model involves the granting of leases to tenants who operate the pub as their own business, paying rent to the Company, purchasing beer and other drinks from the Company and entering into profit sharing arrangements for income from leisure machines. Pubs that are directly managed involve the employment of a manager to operate each managed pub and the Company receives all revenues generated by the pub and is responsible for costs. As at August 18, 2007, Punch Taverns plc had acquired 85 pubs and disposed of 933 less sustainable pubs and 563 pubs have been transferred from the managed to the leased estate. On April 17, 2007, it completed the acquisition of 50% of Matthew Clark (Holdings) Limited.
