Punch has earmarked 1106 mainly small and wet-led pubs for sale because they produce lower profits and offer limited scope for investment. It also said these pubs were more likely to be more affected by the long-term decline in drinking out.
However, after a pick-up in trading, Punch said it would take longer for the tenants to vacate the outlets, pushing back its disposal plans.
The non-core outlets accounted for 18% of Punch outlet EBITDA (earnings before interest, taxation, depreciation and amortisation) at £43 million for the year ended August 17, 2013.
Shares in Punch closed up 1p or 7.84% at 13.75p.