PUNCH Taverns, Britain's biggest pub operator has sold ten pubs in South Hampshire as part of a £326m deal.

The pubs, which have not been named, were sold to Admiral Taverns, the country's third largest pub landlord, in an exchange of 869 licensed premises mainly from southern England and Wales.

Punch said the cash will be used to cut its debt.

Giles Thorley, chief executive, said: "This is an excellent transaction for Punch and in line with our strategy of continuously improving our high quality pub portfolio.

"This disposal represents a strategic sale of non-core pubs which do not fit our aspirations for business growth as we continue to build the UK's premier pubco."

A spokesman for Punch said they were not naming which pubs had changed hands until they had time to inform all staff of the changes. In total four pubs in the SO postcode area changed hands as well as six in the PO area.

In March this year it announced £4m plans to up-date its stock of pubs in the region. It bought Fawley's Falcon Hotel for £1m.