Ian Payne quits as Town & City/Bay Restaurant chairman

Ian Payne has resigned as chairman of the Town & City Pub Company and Bay Restaurant Group with immediate effect.

Payne, who according to a statement has left "to pursue other opportunities", will be replaced by ex-Avebury Taverns chief executive David Myers, who will take on the role in a non-executive capacity.

Payne recently spearheaded the purchase of 333 wet-led pubs from Mitchells & Butlers by TDR Capital and had voiced his hopes that the sites, under the Stonegate Pub Company banner, could eventually be merged with Town & City's estate.

The day-to-day running of Town & City will remain under Toby Smith, while Suzanne Baker will continue to oversee the Bay Restaurant operation. The group's said it was "business as usual", with trading said to be "robust and encouraging in what remains a challenging market".

The companies' board issued a statement expressing "its gratitude to Ian for the significant contribution [Payne] has made to Bay and Town & City during his time with both businesses and wishing him well for the future".

Payne, was chairman of Laurel Pub Company when that business went into a pre-pack administration in 2008, out of which Bay and Town & City were created.