It was listed on the London Stock Exchange as a constituent of the FTSE SmallCap Index until its sale in 2016 for £403 million to a private equity fund, Patron Capital, acting in concert with Heineken International who acquired 1,900 of Punch's pubs as part of the deal.

[3] The company was established by former PizzaExpress head Hugh Osmond and Café Rouge founder Roger Myers in 1997, when they bought the Bass Brewery portfolio of public houses.

[4] In 1999, Punch purchased Inn Business Group plc,[5] and later Allied Domecq's pubs for £3 billion, beating a rival bid from Whitbread.

[13] Meanwhile, Spirit Group (at that time independent from Punch Taverns) expanded when it acquired Scottish & Newcastle's 1,450-strong pub estate in 2003, beating off rival Mitchells & Butlers.

[15] In December 2005, Punch agreed to re-acquire the Spirit Group for £2.68 billion which since 2002 had been owned by the private equity firms Blackstone, Texas Pacific and CVC Capital Partners.

The company operates non-core pubs to maximise short-term returns with a focus on costs and cash-flow, with an expectation that most will be sold within four years.

In their 2013 annual report, approved on 24 September 2013, the directors stated that the group was in compliance with its covenants and had adequate cash resources for the foreseeable future.

If a covenant breach were to occur and if loan note holders were to require immediate repayment, then the ability of the group to continue as a going concern would be in doubt.

[29] Punch Taverns was one of the companies reviewed as part of a 2009 House of Commons monopolies inquiry into pub groups.