Remuneration for Punch Taverns directors fell from £1.2m in 2013 to £944,000 in 2014.

The company’s annual report shows executive chairman Stephen Billingham was paid £306,000 in FY2014. The year before, he was paid £152,000 for his executive chairman role, which he took up in February, and £115,000 for his work as a non-executive director.

Finance director Steve Dando was paid £496,000, down from £596,000 last year, including a bonus of £135,000, £75,000 less than 2013.