Staffordshire pub company Punch Taverns has sold five sites in a deal worth almost £10 million.

The Burton-based business has disposed of the sites, all of which are in central London, to Manica Properties for £9.7 million.

The pubs to be sold are freehold outlets and the agreement is expected to complete on 30 June 2014.

Punch Taverns said the consideration would be satisfied in cash and net disposal proceeds would be used to reduce debt and reinvest in the estate.

For the year to August 17, 2013, the five pubs generated earnings before interest and tax of £500,000 and had a book value of £4.4 million in March 2014.

The latest deal follows the sale of four pubs, also in London, by Punch last month in a £6.7 million deal , proceeds from which will be used to reduce debt and reinvest in the estate as well.