Spirit chief to step down following demerger
THE chief executive of Burton-based Spirit Pub Company is to step down later this year following completion of its demerger from former parent Punch Taverns in August.
Ian Dyson, who was chief executive of Punch Taverns, will be succeeded by deputy chief executive Mike Tye, commencing the role on December 16 following its AGM.
Mr Tye joined Punch in 2008 and was managing director of the managed business prior to the demerger, since when he has been deputy chief executive officer of Spirit.
Spirit owns around 800 managed pubs, including brands such as Chef and Brewer, Wacky Warehouse and Flaming Grill, along with around 500 leased pubs.
The news comes on the day Spirit announces its first own results since separating from Punch Taverns, also headquartered in Burton.
In its preliminary results for the year ended August 20, 2011, Spirit posted EBITDA of £140m, up year-on-year from £131m, and revenues of £734.4m, up from £724m.
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Pre-tax profit was up from £41m to £48m while earnings per share rose from 4.5p to 5.3p. Net debt sat at £704m.
EBITDA in its managed division was 11% to £98m while EBITDA in its leased division was down slightly from £43m to £42m.
Mr Dyson said: “We have made a good start to the new financial year and, while we expect the consumer environment to be more challenging, we are well positioned to move forward.”
Commenting on the new appointment, chairman Walker Boyd added: “I would like to thank Ian for his significant contribution. He has led the business through a period of major change….and has put in place strong foundations for the separate businesses to move forward.
“He will leave Spirit with a clear and exciting strategy, strong operational momentum, a high calibre management team and a well qualified successor in Mike Tye.”
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