Punch Taverns took an impairment charge of £295m on its pubs to take into account the deterioration of trading in its tenanted and managed pubs and a £31m charge on interest rate swaps, resulting in a loss for the year of £64.7m.

The UK’s biggest pubs group by numbers of outlets, whose shares have fallen 75 per cent since the start of the year because of market conditions and fears about the tenanted pub model, said it expected a further impact on results because of rent concessions and discounts it needed to make to hard-pressed landlords.