Thorley likely to stay until summer

Punch chief executive Giles Thorley has indicated that he is likely to remain in post until early summer to ensure a smooth hand-over to his successor.

Thorley, who has been involved in the pub sector since 1995, told the Morning Advertiser that he felt the moment was right to hand over the reins at Punch with the era of acquisitions and re-shaping the business behind it.

He said: "The future of the business going forward will be different — it will be much more operationally focused."

He said the decision to quit had come to a head in the past six months as he saw the trajectory of the business heading in the right direction.

He said that he "had only just begun" to think about the next thing he would do career-wise — but would probably take some time off after leaving Punch.

He made it clear, though, that he would not return to the pub sector. "I've run the biggest company."

Thorley said it was likely that a successor would be appointed at the end of May. Three years ago, Thorley was signalling his intention to leave Punch within a year but then changed his mind.

"The market changed my mind," he told the Morning Advertiser. "I'm a pretty honourable man and wanted to see the business through (the challenges)."

Industry observers had wondered whether Thorley was preparing to leave Punch prior to today's announcement — his public profile has been noticeably lower in recent months.