With apologies to Blackadder.

Further to my post, Giles Thorley (ex Punch) to steer clear of pubs at TDR Capital, I hear that Punch Taverns is coming under increasing fire to reduce and quickly, its debts of  close to £3.2bn.

The new chief executive, Ian Dyson, a former finance director at Marks & Spencer, who replaced good old Giles has promised a strategic review of the company, which is due sometime in February but it looks increasingly likely he may not be given the time as investors are becoming impatient about the lack of progress at the firm, which lost £160m last year.

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The above recent headline in The Publican brought a wry smile to my face as the ex Punch Taverns CE Thorley said  he won’t get involved in this private equity firm’s Stonegate Pub Company.

Despite his history with the on-trade Thorley, who left Punch last year after nearly a decade as chief executive, said he is joining the firm as a senior adviser to help on a variety of deals, but won’t get stuck into the on-trade again. Yes right!!

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I wrote a post the other week entitled - If you want to predict the future, simply look at the past, about Belhaven and Greene King. I believe that same maxim may apply here but for different reasons.

In recent days Robert Cain’s Auditors have warned that this famous Liverpool brewery again faces material uncertainty over its finances which may threaten its survival, but its owners remain “optimistic” they can again turn things around. I think we have heard that before.

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