Punch Taverns appoints new chairman

Billingham, who is also chairman of support service company Fountains, will replace current chairman Peter Cawdron who is retiring from the board after eight years.

Billingham said: “I am looking forward to taking on the chairmanship of Punch after the de-merger and working with Roger Whiteside and his management team to unlock value. This is a business with a strong foundation, improving momentum and good long-term prospects.”

Punch revealed a strategic review of the company in March, announcing plans to de-merge Spirit, its managed pub division, and downsize its leased arm to 3000 pubs – a move the group claims would help drive long term value.

The group has also announced the appointment of GAME chairman Chris Bell as a director of Spirit from September. Formerly a managing director at Hilton and Ladbrokes, Bell is also currently senior independent director of Quintain Estates and Development.

Ian Dyson, chief executive of Punch, said: “We are delighted that Stephen will become the Chairman of Punch. This marks further progress as we head toward the demerger later this summer. Stephen brings with him extensive financial turnaround, risk and operational experience, which will be valuable in his role overseeing the development of Punch.

“We are also pleased to announce that Chris will join the Board of Spirit. He has extensive retail and leisure sector experience in the public arena and will bring this to bear as Spirit embarks on its future as a standalone company.”