David Bernstein, current chairman of the Football Association (FA), has stepped down as non-executive chairman of Orchid Group, the c300-strong managed pub operator, M&C Report understands.
The former Manchester City and Wembley National Stadium chairman took up his role at Orchid in August 2010. He has also acted as chairman for Blacks Leisure, French Connection and Sports and Leisure, and is currently on the boards of Carluccio’s and Ted Baker.
A search for his successor is thought to have begun.
Bernstein departs from the group, which is led by Rufus Hall, after it is understood to have been completed a refinancing, with Deutsche Bank’s real estate arm becoming its sole backer through a debt-for-equity swap.
The move is thought to have seen Deutsche write off a chunk of Orchid’s debt in return for taking sole control of the company from US private equity firm GI Partners and fellow lender Lloyds, both of which have now exited the business.
This has also led to Phil Kaziewicz, managing director of GI, also stepping down from Orchid’s board.
Deutsche Bank will continue to back the current management team led by Rufus Hall and it is understood that it will provide funds to enable it to invest in its existing estate and in strategic bolt-on acquisitions.
Orchid owns brands including The Living Room, Ultimate Leisure and Bar Room Bar as well as a collection of individual pubs, restaurants, bars and clubs.
