PUNCH Taverns pub chain refused to rule out job losses following yesterday's £335m takeover of the Innspired pub group.

Community pub chain Innspired, which own 60 pubs in the North-East, including 34 in the Newcastle area, was bought yesterday.

Punch Taverns, the UK's second-largest pubs chain, nearly doubled the number of pubs it owns to 7,334 when it bought Hartlepool-based Pubmaster in December last year.

The acquisition of Innspired, which will see 1,000 pubs added to Punch's portfolio, would lead to annual cost savings of £3m, the chain said.

A spokesman for Punch said: "We are approaching a very busy period and the message at the moment is business as usual.

"There will be a review and consultation period, but at this stage we don't know when that will be."

Innspired is based in Trowbridge, Wiltshire, and owns 1,064 pubs, with more than 98 per cent of its estate being freehold or long leasehold.

Punch Taverns chief executive Giles Thorley said: ''This is a nice bolt-on and it is very much in line with our strategy. We know these type of businesses and they are very easy for us to integrate."

Punch will pay £95m for the chain and is taking on £258m of debt. Last year, Innspired posted earnings before interest, tax and depreciation of £32.4m.

In order to satisfy regulatory concerns, Punch has agreed to sell 88 pubs to Admiral Taverns for £22.6m, including 51 Innspired sites and 37 Punch venues.