- Pub group Young & Co's Brewery said it had agreed to sell most of its tenanted estate in the Ram Pub Company to Punch Pubs & Co. for £53 million.

The deal would see Young's sell 56 of the 63 pubs in the Ram Pub Company and retain the other seven pubs for the long term.

The pubs being sold had generated earnings before interest, tax, depreciation and amortisation for the year through March 2019 of £4.7 million.

'As part of its strategy to create long-term sustainable shareholder value, Young's regularly reviews its capital allocation priorities,' the company said.

'Following the review, the board decided that the best way to increase value for shareholders was to withdraw from the tenanted model and focus solely on operating premium, individual, differentiated and predominantly freehold managed pubs and hotels.'

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