Punch Pubs sold to US private equity investor Fortress

Deal for almost 1,300 British pubs thought to be worth up to 1bn

Punch Pubs has been bought by the private equity investor Fortress in a deal for almost 1,300 British pubs thought to be worth as much as 1bn.

The company's pub landlords employ about 20,000 people, although Punch employs only 280 people directly.