Giles Thorley to steer clear of pubs at TDR Capital

Former Punch Taverns boss Giles Thorley said today his new role at TDR Capital, the private equity firm that bought more than 300 pubs from Mitchells & Butlers (M&B) last year, would not involve him in the pub trade.

Despite his history with the on-trade Thorley, who left Punch last year after nearly a decade as chief executive, said he is joining the firm as a senior adviser to help on a variety of deals, but won't get stuck into the on-trade again.

Instead he said he will be helping private equity to be "smarter" when it comes to buying and running different companies.

"The last few years have been tough for everyone, thanks to the recession. You can't assume businesses you buy will increase in value just because you hang onto them; you've got to run them better," he added.

Thorley oversaw the £2bn-plus acquisition of Spirit Group in 2006 and later the 50 per cent stake in drinks wholesaler Matthew Clark, deals which helped drive the company's share price to more than £14, but in part saddled it with the massive debts it has today. Punch's shares were trading today at 77p.

He said he was not going to get involved in TDR's Stonegate Pub Company, formed when the private equity firm bought 333 mainly wet-led pubs from M&B late last year.

"Part of my [exit] deal with Punch was that I wouldn't be involved in pubs, but I'm still involved in the leisure business through my [non-executive] chairmanship of Tragus Group," Thorley added.