Ten Entertaintment appoints Duncan Garrood as CEO
Ten Entertainment has appointed Duncan Garrood as chief executive officer, succeeding Alan Hand, whose departure was announced in June.
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Garrood will join the company as CEO designate with effect from 19 November and will take up the role of CEO from 15 December.
The company said Garrood has "significant" expertise in the consumer and leisure sectors with a career spanning 35 years. He has board level experience of private and public businesses, and until recently held the position of CEO of Bill's Restaurants, overseeing 80 sites and 3,000 employees. Prior to that, he was CEO at pub group Punch Taverns.
He began his career at Unilever, serving for more than 20 years in a variety of management positions in the UK and latterly Shanghai, China.
Chairman Nick Basing said: "We ran a deep and wide-ranging search process and we are delighted to appoint Duncan as the new chief executive. Duncan was the stand out candidate.
"We sensed his significant enthusiasm for the opportunities in the business. But he also has a strong track-record that clearly demonstrates his ability to grow businesses and build brands, operating in consumer facing markets."
Liberum said: "We believe this is a significant development for TEG given Duncan’s track record in growing consumer facing businesses and we reiterate buy recommendation as highlighted in our initiation on 28 September 2018.
"TEG trades at a 25% discount to nearest peer, Hollywood Bowl on CY19E price-to-earnings 11.5x and 13% discount on EV/EBITDA of 7.0x despite double digit earnings compound annual growth rate driven by two to four acquisitions per annum, refurbishments and conversion to Pins & Strings."