Punch Taverns has confirmed that the spin-off of its managed estate from its highly indebted tenanted pubs business will take place at the beginning of next month, creating two separately listed companies.

The heavily indebted pub group in March announced its intention to split the managed pub business, known as Spirit, and the tenanted division, which retains the Punch name, and on Thursday confirmed that the two businesses would formally start trading from August 1.

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