- Weak cashflows: The company is not currently earning its interest.

- Consumer sentiment and disposable income are a key driver for orders generally. The world at large, but the UK in particular are set to be going through tough times (inflation, cost of living).

- Moving systemically into Managed Pubs requires CapEx and investment into mostly human resources.

- The mega trend of lower alcohol consumption is running against pubs in general, as is the trend to lie on the couch and play on the phone or TV instead of socialising. Pubs do have the opportunity

however to re-invent themselves and be the focal point for brits to socialise even with less alcohol and more alternative offerings. Still, that transition needs to be managed and at best holds orders

constant.

- All electricity contracts came to an end in September 2022 and Punch entered into a new contract which management claim provides flexibility to acquire energy either directly on the wholesale market

or under longer-dated fixed price contracts, including green energy offtake agreements. We don't know more about the contract except that it will be significantly more expensive than the old.

- The bonds have been sold on the basis of significant EBITDA adjustments that reflected savings and additional sales that had yet to be achieved with re-opening and other measures.