In 1997, high street branded pubs were attracting massive investment from the brewers which owned them, while unbranded community pubs attracted little investment and were ‘unloved’ by the brewers. Over 1,400 leased and community pubs were bought from Bass Lease Co. Ltd and the business was enlarged by the acquisition of Inn Business Group and Allied Domecq Retail estate. Refinanced by the first securitisations of both tenanted and managed pubs.

As members of the senior management team, we drove operational improvements and an investment programme which delivered significant savings and substantial cash returns.

Punch Group was floated in 2002 with an enterprise value of £3.5 billion.