Payne quits Town & City and Bay Restaurants

Industry veteran Ian Payne has stepped down as chairman of Bay Restaurant Group and Town & City Pub Company.

Payne will be replaced by David Myers, who was formerly chief executive of Avebury Taverns.

He will take up the role of non-executive chairman of both Bay Restaurant Group and Town & City.

Suzanne Baker will retain day to day responsibility as chief executive for Bay and Toby Smith for Town & City. Chris Keen also continues as finance director of both companies.

A company statement said: "The Board would like to express its gratitude to Ian for the significant contribution he has made to Bay and Town & City during his time with both businesses and wishes him well in his future endeavours.

"Current trading across both companies continues to be robust and remains encouraging in what remains a challenging market."

City comment by The PMA Team​

The departure of Ian Payne as chairman of Bay and Town & City comes in the wake of his involvement in the TDR Capital's move to buy 333 wet-led pubs from Mitchells & Butlers.

He is currently acting as executive chairman of Stonegate Pub Company, which is the vehicle running the 333 pubs.

Payne has been an advocate of a merger between Stonegate and Town & City. Industry sources report the idea is making very slow progress.

Nevertheless, Payne's tenure as chairman of both companies, direct rivals in the high street, seemed unsustainable.

If merger discussions continue, he starts to become conflicted. If a merger is not on the cards, it was hard to see how he could remain chairman of two companies that are direct competitors.