Ian Payne, currently managing director of Hilton's Ladbroke Casinos division and previously the boss of the old Bass lLease Company, has been named as chief executive of the company that will run the former Whitbread

pub estate.

Whitbread sold its 3,000-outlet Pubs and Bars division to Morgan Grenfell Private Equity for £1.625bn earlier this week, a deal that will be completed in May after Whitbread shareholders have had the chance to vote on it. Whitbread will then return around £1.13bn of the sale proceeds to shareholders through a cash payment of 230p a share û with some of that money going to the many Pubs and Bars division staff who hold shares in the company.

Stewart Miller, current managing director of the pubs and bars division, will become managing director of David Lloyd Leisure, the Whitbread health and fitness wing, once the deal is completed.