Dutton being lined up as CFO in M&B merger

Punch Taverns’ chief financial officer Phil Dutton will have the same role in
the enlarged group if the proposed merger with Mitchells & Butlers goes

Dutton took on the role of CFO in September last year, having previously been
a non-executive director at the company.

Following press speculation, the pub operator yesterday confirmed it had
approached M&B with an offer that would see shareholders of each company
owning 50% of the merged group. Shareholders at M&B would also receive £175m
in cash.

It also announced details of the proposed management and board structure of
the combined group.

If the deal goes ahead, Punch’s chief executive Giles Thorley will become CEO
of the combined group, and M&B’s chief executive, who offered to resign over
the failed property deal with Robert Tchenguiz, will take on the role of
non-executive chairman.

“Punch believes the terms and structure of the combination are compelling to

both Punch and Mitchells & Butlers shareholders and that there is
substantial strategic rationale in combining the two businesses,” the group said
in a statement.

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