Investors toast new pub boss sending Punch shares higher

 
Adam Hignett
Punch Taverns operates pubs across the UK and named a new chief executive yesterday
PUB OPERATOR Punch Taverns announced the appointment of its new chief executive yesterday, giving Duncan Garrood the top job.

Investors seemingly approved the selection, with shares closing up 5.73 per cent to 92.25p.

The news of the appointment comes as the indebted company has undergone two years of restructuring, which saw share prices fall 73 per cent, the disposal of 800 pubs and the clearing of £600m of debt.

Garrood, who has run the food division at MH Alshaya since 2009, boasts a strong background in the retail and leisure sector with a career spanning 31 years which has seen him work at big names such as Unilever, SC Johnson and BAA.

Stephen Billingham, the chairman, said: “Duncan is an exceptional individual who will strengthen the senior team at Punch.

“He brings a great combination of strategic and operational experience within major organisations. These skills will be invaluable to Punch’s future development.

“I am delighted to welcome Duncan to Punch and look forward to working with him.”