Payne returns as Laurel chairman

Former Laurel chief executive Ian Payne is to re-join the company as its chairman with a brief to buy another 600 managed pubs.

He will succeed Chris Hutt, who has chaired Laurel since its acquisition by R20, the investment vehicle of tycoon Robert Tchenguiz, in December 2004.

Payne said: 'Chris and chief executive Julian Sargeson have built Laurel into an industry-leading portfolio of more than 400 pubs and bars.

'I look forward to working with Julian and R20 in taking it to the next stage.

'I'll be working on helping with the re-segmentation of the Laurel estate and liaising with Robert Tchenguiz and his team on acquisitions.'

Payne, who will work three days a week, has more than 30 years' experience in the pub trade and formed Laurel in 2001 after the sale of the Whitbread pub estate to Morgan Grenfell Private Equity for £1.625bn.

He first met Robert Tchenguiz in 2002 when the Iranian was the under-bidder on a group of pubs Laurel was selling and leasing back - the deal was won by London & Regional.

Payne's appointment was welcomed by Laurel chief executive Julian Sargeson.

He said: 'Chris Hutt and I have been business partners for over eight years, first in Wizard Inns, which we developed and sold in August 2004, and, over the past year, in Laurel - he is an exceptional entrepreneur, businessman and friend.

'We have exciting plans to make Laurel the leading pub business in the country. I look forward to building a similarly successful partnership with Ian.'