Punch Taverns shareholders have approved the demerger of the leased and managed pub businesses to create two separate companies on 1 August. Dealings in shares of the newly formed Spirit Pub Company, which will operate c800 managed pubs, will commence from 8am on that day, Punch said in a statement. Punch’s current chief executive Ian Dyson will become chief executive of Spirit after demerger, with Mike Tye, current managing director of Punch’s managed arm, taking the role of deputy chief executive. Punch Taverns, which will become solely a leased and tenanted operator, will be headed by Roger Whiteside, current managing director of the leased and tenanted business.