Chairman of pubs-with-rooms chain Merchant Inns, Robert Breare, has been fired following a shareholder review, Caterersearch can reveal.
The decision was taken by key shareholders in the group on Tuesday, following a review of the management of the business.
Colin Wagman has temporarily assumed an executive role, assisted by Michael Cohen who was recently appointed group finance officer.
A spokeswoman for the group said: “Both will take an active day to day role in the business but we will also be actively looking to appoint a new chief executive.
“Sir John Ritblat, the principal investor of Merchant Inns, remains fully committed to the business and intends to provide further resources to cement a long-term successful future for the group with the view to building on the brand’s exciting and unique positioning in the market, ongoing critical acclaim amongst press and public and its growing list of award wins.”
In 2007 Breare announced a 50:50 joint venture with property magnate Ritblat in his bid to expand the pub group’s freehold estate across the UK.
The pair formed investment vehicle Kamside to purchase the five strong pub and accommodation chain in a deal believed to be worth £11m plus £10m debt.
By Gemma Sharkey
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Published by: The Caterer