Punch chief executive Duncan Garrood has announced he is to leave the business following its acquisition by Patron Capital and Heineken.

Garrood will step down on Friday. The group said a new chief executive would be joining Punch in 2018. In the interim, Steve Dando, Punch’s chief financial officer, will assume the position of interim chief executive for the transitional period.

Garrood said: “Over the last couple of years Punch has undergone a transformation from a financially distressed business, through to the development of a customer service and hospitality focussed outlook and the roll out of a thriving retail model. Our shareholders have now received a substantial premium to the prevailing share price when i joined, and the business is transitioning to new ownership. It seemed to me the time was right for a new CEO to lead Punch into the next phase of its development, and for me to look to my next challenge.

“I have often commented on my admiration for the superb team at Punch, who remain energetic and enthusiastic under every challenge they’ve taken on. It’s been an enormous privilege to be part of that team and I have no doubt they will continue to build upon their successes.”

Stephen Green, director of Punch and senior partner of Patron Capital, said: “On behalf of the company, I would like to thank Duncan for his service and wish him well in his future endeavours. The company will announce further details of the new permanent CEO who will be joining the business in due course. In the meantime, we would like to thank Steve Dando, Punch’s CFO, for agreeing to act as Interim CEO until the new permanent CEO joins the business.”