Pub company Barracuda has been renamed Bramwell Pub Company, following a restructuring that has also seen former Mitchells & Butlers chief executive Adam Fowle come on board as chairman.
The financial restructuring of the business will see it separated into an operating company and a property-owning company. Bramwell, the operating company, will have access to a credit facility of up to £10m from new investors Värde Partners.
The move is the latest in a series of changes at the firm, following the departure earlier this year of long-standing chief executive Mark McQuater.
Fowle will replace former chairman John Conlan, and will work alongside chief executive Roger Moxham, who joined Barracuda in May, having also worked for Mitchells & Butlers.
Bramwell will continue to operate the Smith & Jones, Varsity and Cape brands across an estate of 190 pubs. Bramwell will return 18 properties, of which seven are still trading, to their landlords.
By Neil Gerrard
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