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Punch Taverns boss to step down after restructure complete

By Burton Mail  |  Posted: August 21, 2014

By Rob Smyth

Stephen Billingham

Stephen Billingham

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THE top boss at a Burton-based pub company will step down once a deal is struck to restructure the firm's finances, it has been revealed.

Punch Taverns, based in Centrum 100, confirmed that executive chairman Stephen Billingham would leave his role once agreement was reached on how its £2.3billion debt pile would be reduced.

The Mail revealed earlier this week that the company had outlined new restructuring plans in its battle against its mountain of debt.

A spokesman for Punch Taverns said: "Stephen Billingham will continue as executive chairman of Punch Taverns until such time as a consensual financial restructuring has been achieved, at which point we commence a search for a chief executive. Stephen will remain at Punch and return to his previous role as non-executive chairman."

A meeting has also been arranged for September 17 when the restructure will be discussed with shareholders.

If approved, the restructure could be in place within weeks.

Mr Billingham said: "The board believes that the restructuring will create a more robust balance sheet which will provide stability for the business, provide a firm base to allow Punch to build on recent improvements in trading and lead to further work.

"The benefits of approving the restructuring are clear and of benefit to all stakeholders.

"It is of critical importance that shareholders and noteholders vote in favour of the resolutions in order to implement the restructuring and avoid the adverse consequences for the group of the restructuring not proceeding."

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