SHARES in Punch Taverns have dived by more than seven per cent to lows not seen since January, 2013, after formally completing a long-running process to restructure its balance sheet.

Under the restructuring plan released in June, Punch's net debt will drop by about £600 million and result in shareholders retaining just 15 per cent of the company.

The company, whose share price has fallen 44 per cent in the last year, said the conclusion of the restructuring will bring stability to the company and build on recent improvements in trading.

Shares in Punch, which leases 170 pubs in Scotland, closed down 0.65p at 8.25p.

Separately, Midlands-based brewer and pub firm Marston's said it expected 2014 underlying operating profit to be broadly in line with expectations and added it would build at least 25 new managed pub-restaurants in the new financial year.

Marston's, which announced plans in April to invest £15 million a year in pub openings in Scotland, said full-year underlying sales at its core managed pubs were up 3.1 percent.

That indicated a slowdown from 4.1 percent growth in the first 41 weeks of the year, as poor weather in August hit sales.

Sales at its more drink-led managed, franchised and tenanted pubs, and in its leased division also grew 2.1 and three per cent respectively, the firm said, ahead of its full-year results on November 27.

According to Reuters data Marston's, which is targeting an estate of 50 pubs in Scotland, is on average expected to post an operating profit of £160 million. Shares closed down 1.2p at 139.60p.