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Nicholson quits Swallow Group

SIR PAUL NICHOLSON, chairman of Swallow Group, yesterday resigned with immediate effect, ending a family association with the north-eastern brewery and hotels group that stretches back 120 years. Sir Paul, who has admitted being devastated by his board's rejection of a plan to save 600 jobs at the group's Vaux brewery in Sunderland, will be temporarily replaced by Anthony Wood, a non-executive director.

Sir Paul's departure signals the end of his hopes for a management buyout of Swallow's brewery and pubs, led by his brother Frank and backed by Alchemy Partners.