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Sale of Avebury Taverns pubs July 2005

Avebury Taverns (the “Company”) and Vision Capital today announce the sale of its remaining 409 pubs to Punch Taverns plc for a total consideration of £219 million. This follows the successful sale of 253 pubs to Admiral Taverns on 25 May 2005 for £69.75 million.

Avebury Taverns, led by David Myers, Managing Director and backed by Vision Capital, completed a management buyout in February 2004. Since 2000, the management team at the Company has succeeded in driving the profitability and quality of its tenanted and leased estate. This was achieved by focusing on a strategy that significantly improved purchasing agreements, successfully implemented a higher rent, higher beer discount model for its tenants and lessees combined with a much improved support package, put greater focus on longer term lease agreements whilst successfully disposing of lower contributing assets.

Commenting on the sale, David Myers, Managing Director of Avebury Taverns, said,

‘Over the last few years Avebury has become one of the leading, community based, tenanted pub operators in the UK with average profits that have increased from £23,000 in 2000 to in excess of £52,000 a year in 2004. This is an achievement we can all be very proud of and I would like to take this opportunity to thank the whole Avebury team.’

Scott Greenhalgh of Vision Capital said,

‘Today’s sale strongly endorses the strategy that was put in place by the management team. We wish the company well for its future as part of Punch Taverns.’

Vision Capital is a limited liability partnership | Registered in England number: OC336240 | Authorised and regulated by the Financial Conduct Authority