Punch defends 'fat cat' chief

Punch Taverns has defended its chief executive Giles Thorley, disputing claims he earns 1,147 times the average salary of his employees.

A report in The Guardian​ newspaper last week revealed that the pubco's chief executive is one of the highest paid directors in the country, taking home £11,276,000 last year.

The survey of the top 100 listed companies revealed that directors have received pay rises of 37 per cent this year.

And it singled out the Punch chief claiming: "Mr Thorley emerges as the boss whose salary is most out of line with his employees: his remuneration package is equal to 1,147 of his employees, mostly pub workers."

However, customer services director Francis Patton said: "He is paid a basic salary to do his job which is below the average of the FTSE 100. He didn't earn a salary of £11m, he earned £410,000."

Patton argued that Thorley earned £10.5m in share options which are part of his incentivised bonus. The Guardian​ worked out the average Punch salary per employee as £9,821 but according to Punch this includes part-time workers. If it was to include all full-time employees Thorley's pay would be 16 times the average.

Punch lessee Helen Wood of the Broad Leys in Aylesbury, Buckinghamshire, said: "It does stick in your throat when you see that sort of money. It's horrific compared to the licensees who are struggling and working really long hours.

"Punch is a company that owns some lovely buildings in their estate but they don't put the investment in the premises."

Danny Scott, licensee of Rick's Bar in Greenwich, South London, said: "I don't agree with that amount of money. But he has done well for his shareholders and Punch Taverns."

Dave Daly, president of the National Association of Licensed House Managers, is concerned about the salaries paid to pubco bosses.

He said: "Venture capitalists have taken over this industry. And the buildings seem more valuable than the people who work in them."