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FOR SHEER CHUTZPAH it takes some beating. When Giles Thorley, the man behind UK pub group Punch Taverns for the past decade, joined private equity outfit TDR Capital at the beginning of this year he announced that the industry “will need to get smarter”. If by that he meant that firms should sweat their assets rather than just add leverage, a quick look at Punch Taverns, which he quit in March 2010, might suggest that it is advice that the pub group could have followed under his watch too.
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