>Punch to reduce debt by £1.3bn

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>Punch Taverns is enjoying improved managed division margins and should be able to reduce its overall debt by at least £1.3bn in the coming two years, a leading City analyst has reported in the wake of a meeting with Punch executives. Numis Securities analyst Douglas Jack said Punch’s fund-raising has undermined the share price, such that it is on half the peer group average (based on EV/ EBITDA) and a third of Net Asset Value.

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