Punch Taverns chief executive Duncan Garrood leaves the company

Duncan Garrood, chief executive of Punch Taverns, is to step down from his role following the acquisition of the business by Patron Capital and the sale of 1,900 Punch pubs to Heineken.

A new chief executive will join Punch in 2018. Steve Dando, Punch's chief financial officer, will assume the position in the interim.

Garrood said that over the past 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 chief executive 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."

Stephen Green, director of Punch Taverns and senior partner of Patron Capital, added: "On behalf of the company I would like to thank Duncan for his service and wish him well in his future endeavours. The company will announce further details of the new permanent chief executive, who will be joining the business in due course."

Punch is one of the UK's largest leased pub companies, with a portfolio of more than 1,300 pubs nationwide, as well as operational responsibility for around 1,900 pubs owned by Star Pubs & Bars.

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