Punch Taverns should consider selling off all its pubs and winding itself down progressively over the next 18 months, according to one of its top-10 shareholders.

Andy Brough, fund manager at Schroders, which owns a 3.4% stake in Punch, said it would be in investors’ best interests if the indebted pub group called time on its business.

'If NAV is estimated by Merrill Lynch in a recent note at 340p and the share price is at 120p, then doesn’t it make sense for the company to sell off its pubs, pay back its debts and return whatever’s left to shareholders?' he said.

Financial Times