The demerger of Punch Taverns, which was expected at the end of this summer, could take place later this month, with shares in the separated Spirit pub company starting to trade as early as 25 July, according to The Times. The newspaper also suggests that Ian Dyson, current chief executive of Punch Taverns, who will take up the same role at the demerged Spirit, is already thinking about his next career move and will leave the business in 24 months time, with Mike Tye, his deputy at Spirit taking over. The internal split between Punch and Sprit, which was labelled by staff as “independence day” took place on Monday. Under the demerger plan, Spirit will control about 800 managed pubs and 552 leasehold houses. At least 100 leased venues will be converted back to managed pubs and the rest offloaded. Punch will be left with around 5,000 leased and tenanted pubs, with about 2,000 expected to be sold over the next few years. Reports over the weekend, suggested Dyson has been working on a three-part strategy to put the de-merged Spirit business at the heart of managed sector consolidation. The first stage is understood to involve achieving greater operational performance for Spirit’s 800 core managed pubs, with around £100m set aside for capital expenditure for the remaining one-third of the estate which is yet to be refurbished. The second stage involves an analysis of the 500 tenanted pubs Spirit will inherit. The last stage, which is unlikely for two or three years, would involve Spirit taking an active part in sector consolidation.