Hemmings gives up Herald Inns interest
Hemway, the management company of tycoon Trevor Hemmings, has parted company with its business partner HBOS in respect of the Herald Inns and Bars business.
It is understood that Hemmings (pictured) has decided to focus on his highly profitable tenanted business Trust Inns.
Hemmings held shares in Herald but it is thought that they had no value because Herald has lost money for a number of years.
A new company, HIB Collective, has been formed by managing director Julian Sargeson and business associate Peter Callaghan, in partnership with bank HBOS, to run the Herald business.
Sargeson, the former Laurel Pub Company chief executive, took the helm at Herald Inns & Bars last October.
The appointment followed the defection of Kevin Allcock, who left the group to join Ultimate Leisure as director of operations.
Sargeson, who was operations director at Wizard Inns before joining Laurel, was Herald's third managing director in eight months.
Mike Clayton left at the start of 2007.
He said at the time: "The company has come together through the combination of three businesses, so there'll be lots to do but equally there's also lots of opportunity to grow the business."
Herald operates the Brannigans and Mood concepts. Hemmings is the largest private shareholder in brewer Scottish & Newcastle - his other leisure interests have included Pontins and Blackpool Tower.
