The boss of Punch Taverns on Tuesday vowed to keep investing in the pub chain after years of struggling with a large debt pile, as he revealed a return to profit.
Chief executive Duncan Garrood said that around £60 million had been spent on the firm’s 3276-strong estate in the past year and said more investments would be made.
He added: “This shows our vote of confidence in the future of British pubs."
The firm has just reached the end of a four-year restructuring and pub-disposal programme to slash some of the £2 billion of debt it built up to expand before the onset of the financial crisis.
The business cut the debt figure by £223 million to £1.1 billion in the year to August 20, and Garrood added: “I am pleased that now we can return to investing and it will be much less about managing the balance sheet.”
"Punch has a clear plan for the future, a strategy that is progressing well, and a unique operating model that is expected to drive improved performance over the coming years."
Pre-tax profits at the company rose to £60 million from a loss of £105 million the year before.