Punch Taverns set for shareholder mauling

Punch Taverns shareholders are expected to give senior executives at the UK's largest pub operator a rough time at the group's annual general meeting this week.

Investors who saw the value of their shares in the group collapse by more than 90 per cent last year are likely to vent their fury on chief executive Giles Thorley and his colleagues over Punch's trading performance.

While no investors would comment publicly, ThePublican.com understands hard questions will be asked of the pubco's top brass on Wednesday, when it holds its AGM for shareholders.

On a number of investors' agendas will be how the group plans to reduce its £4.5bn debt, and questions surrounding the remuneration packages for senior Punch management. Thorley is set to waive his bonus this year.

Punch's shares were down more than 11 per cent this morning at 67.5p as the market digested reports that the group's Christmas numbers would be worse than expected.

At the AGM Punch will reveal figures covering its Christmas and New Year trading, which some in the City expect to show business fell five per cent over the festive period.

The pubco has also named City PR firm Smithfield as its new corporate communications oufit. The role of presenting Punch to the world had previously been the duty of rival firm College Hill.