The chief executive of a Burton-based pub company has stepped down after the firm was sold in an £1.8 billion deal.
Punch Taverns, which was founded in 1997, has been bought by Patron Capital, and Punch boss Duncan Garrood has decided to step down after being in charge for 18 months. Punch has 3,300 across the country and employs 500 people at its headquarters in Burton.
A new chief executive will join Punch in 2018. For now, chief financial officer Steve Dando will take on the role of interim chief executive of the firm, which is based in Second Avenue on the Centre 100 Business Park.
Mr Garrood told imbibe.com: "Over the last couple of years, Punch has undergone a transformation from a financially distressed business through 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."
Punch Taverns, which was established in Burton, runs around 3,300 pubs nationwide.
Stephen Green, director of Punch Taverns and senior partner of Patron Capital, said: "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 chief executive who will be joining the business is due course.
"In the meantime, we would like to thank Steve Dando, Punch's chief financial officer, will assume the position interim chief executive for the transitional period."