Punch CEO Duncan Garrood to leave company

06/09/2017 - 11:50
Punch Taverns’ Duncan Garrood is stepping down as chief executive following the company’s acquisition by Patron Capital and the sale of 1,900 Punch pubs to Heineken.

Steve Dango, Punch’s chief financial officer, will assume the position in the interim with a new chief executive to be named in 2018.

Garrood said: "Over the last couple of years Punch has undergone a transformation from a financially distressed business, through to the development of a customer service and hospitality focused outlook and the roll out of a thriving retail model.

"Our shareholders have now received a substantial premium to the prevailing share price when i joined, and the business is transitioning to new ownership. It seemed to me the time was right for a new CEO to lead Punch into the next phase of its development, and for me to look to my next challenge. 

"I have often commented on my admiration for the superb team at Punch, who remain energetic and enthusiastic under every challenge they've taken on. It's been an enormous privilege to be part of that team and I have no doubt they will continue to build upon their successes.”

Pan-European institutional investor Patron Capital completed a £1.8 billion acquisition of Punch Taverns Plc last month while Punch A Securitisation was sold to Heineken UK in a back-to-back transaction for approximately £305 million equity value.

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