Punch demerger details unveiled

http://www.morningadvertiser.co.uk/news.ma/ViewArticle?R=91079

An objective, unemotional assessment of the rise, fall, and ebb and flow of Punch's managed and leased activities since it started all those years ago reveals a graphically clear picture that the entire leased tied pub 'business model' has been an utter failure that has divided and robbed the pub industry of most of its vitality and sustainability.