Ex-Regent man Thiele heads for Oz

Michael Thiele, who quit Regent Inns two weeks ago, is heading for Australia to run a pub and hotel chain.

The former operations director is leading an A$16m (£6.2m) buyout of 41 loss-making sites from Aussie brewer Lion Nathan.

Australia's second biggest brewer bought the pubs, which are based in and around Melbourne, to promote its beer brands in the region. The brewer, which makes Tooheys plus Beck's under licence, will retain pouring rights.

Mr Thiele was born in New Zealand but worked in Australia before coming to London. He joined Regent Inns in 1994 and was largely responsible for developing and rolling out the Walkabout chain.

He left under a cloud two weeks ago after the company cited 12 problem Walkabout bars as the key reason why profits would be below analysts expectations.

Mr Thiele, who was expected to receive a £132,000 payoff from Regent Inns, told The Times newspaper that it had been his decision to quit. He said: "It was time to go. I had done what I set out to do and a lot more. I made the decision and when the company chooses to announce these things is not really down to me."

Following the warning from Regent analysts cut pre-tax profit forecasts for the year from £16m to £12m. The shares dropped 18 per cent.

Related articles:​ Thiele quits as Regent issues profits warning (29 April 2004)