Private pub group Punch Taverns has hired Citigate Dewe Rogerson to
replace the Maitland Consultancy as its financial PR agency as it bids
for Allied Domecq’s pub and off-licence interests.
As of last week Maitland is no longer working on Punch’s bid for Allied
Domecq because of a conflict of interest after another of its clients,
Whitbread, made a formal pounds 2.3 billion bid for Allied Domecq.
’We are helping advise Punch chairman Hugh Osmond on their response to
Whitbread’s formal offer for Allied Domecq,’ said Andrew Cornelius, one
of two Citigate directors working on the account. The arrangement is
Osmond has publicly stated that Punch is keen to make a rival bid,
believing the business to be worth in excess of what Whitbread has
offered. Whitbread has been a Maitland client for five years.
Allied Domecq’s financial PR is handled by Financial Dynamics. The
company’s pub and off-licence interests include the Firkin, Mr Q and Big
Punch Taverns was set up at the end of 1997 with the pounds 563 million
buy-out of 1,470 tenanted pubs from Bass.
Maitland originally won a pitch to advise Punch on a possible flotation
which is currently on hold. Most recently Maitland advised Punch when
the Texas Pacific Group acquired 70 per cent of its shares.