Staffordshire pub company Punch Taverns has disposed of four sites in a £6.7 million deal.

The listed outfit, headquartered in Burton-upon-Trent, agreed a deal with Morgana for the quartet of pubs in central London.

The pubs to be sold are freehold outlets and the agreement is unconditional and expected to complete at the end of June.

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

For the financial year to August 17, the pubs being disposed of generated earnings before interest and tax of £300,000 and they had a book value of £2.5 million as of March 1, 2014.