Secret move by Punch to sell top pubs in London

Scores of London pubs are secretly up for sale as Punch Taverns, Britain's biggest landlord, becomes ever more desperate to raise cash.

The group whose top London pubs include the Punch Tavern in Fleet Street, is offering parcels of pubs to rival independents in the capital such as Fuller's, Shepherd Neame and Young's.

The decision follows Punch's sale today of three of the most beautiful and popular pubs in Suffolk - the Butt and Oyster at Pin Mill, the Levington Ship and the Maybush at Waldringfield - which have been offloaded to local brewer Adnams.

Punch's financial problems are immense. It owns 8000 pubs around the country with 1000 in London and the South-East.

But with £4.7 billion of debt, there are fears it could breach its banking covenants. The shares have collapsed by almost 99%, valuing the company's equity at less than £100 million.

The decision to ramp up the sell-off of some of its most prized houses will be a bitter blow to the credibility of chief executive and former investment banker Giles Thorley.

It is understood Punch's Spirit Group business of managed pubs, which runs some of London's best and most historic alehouses, is not yet being offered for sale.

Punch pubs for sale in London include the Bow Bells in the East End, Mortimer Arms on Tottenham Court Road, Black Sheep in Camberwell and Bell at Hampton.