Laurel may be a relatively small player in the UK pub sector but it is determined to be the terrier of its industry – quick and aggressive. It is set on being a consolidator rather than succumbing to a larger player in the industry. In spite of these ambitions, its two-year life has been spent shrinking rather than expanding.

However, this could be about to change, coinciding with the appointment of Nick Backhouse, an established dealmaker, three months ago as chief financial officer.