Sept 8 (Reuters) - Punch Taverns Plc said it wouldsell its 50 percent stake in UK-based drinks wholesaler MatthewClark to Conviviality Brands for 100.7 million pounds ($154.50million) in cash.
Matthew Clark is a 50/50 joint venture between Punch Tavernsand Hertford Cellars Ltd, a unit of Accolade Wines.
"The sale of a non-core business will enhance our financialflexibility to pursue our strategic objectives for our coreactivities," Punch Taverns Chief Executive Duncan Garrood said.
($1 = 0.6518 pounds) (Reporting by Aastha Agnihotri in Bengaluru; Editing by AnupamaDwivedi)