Thorley steps down from Punch Taverns
THE CHIEF executive of the UK’s biggest pub company has called time on his role after nine years.
The colourful Giles Thorley, who pushed the expansion of Burton on Trent-based Punch Taverns and instigated its flotation in 2002, cited the company becoming more “operationally focused” as his reason to quit.
Under Mr Thorley’s leadership, Punch Taverns became the country’s biggest pub company, with 8,500 properties across the UK, and shares peaked at more than £13 at the height of his success.
His controversial securitisation model, taking debt against its assets and using the proceeds to expand the business, came in for criticism and shares plummeted at one point to a low of 31p.
In the past two years, he has sold off about 1,000 properties as he attempted back debts that at one point stood at £4.5 billion.
The board at Punch is expected to announce his replacement by the end of April and 42-year-old Mr Thorley will leave the company in June.
It is understood that Punch is looking at internal and external candidates for the chief executive role. Carl Leaver, who was head of Marks & Spencer’s international business, has been mooted as a contender, as well as the head of Punch’s managed pubs business, Mike Tye, and Roger Whiteside, who is in charge of the tenanted pubs division.
Making his announcement, Mr Thorley said: “After nine exciting years at Punch I have decided to leave the business.
“Having grown Punch into Britain’s largest pub company, the past two years we have faced the worst recession for a generation and significant structural and political challenges to the industry.
“We have made good progress in reshaping our business and balance sheet, stabilised our operating performance and have taken the right actions to position Punch to achieve long term sustainable success.”
Peter Cawdron, Chairman, said:“I would like to thank Giles for his incredible commitment and drive that he has brought to Punch during his time with the business. His dedication has not waivered during good and bad times and he will leave a business poised to benefit from an improvement in economic conditions.”
