Ted Tuppen, founder and chief executive of Enterprise Inns, is to retire from the pub group after more than 20 years.
Tuppen will step down on 6 February 2014 and is expected to leave the company on 19 May.
He will be succeeded as chief executive by current chief operating officer Simon Townsend.
Tuppen founded the business in 1991 before its listing on the London Stock Exchange in 1995.
Chairman Robert Walker said: “Ted has built one of the leading pub companies in the UK. He leaves Enterprise in a strong financial position with improved like-for-like trading and a clear strategy, which is delivering for our publicans and our shareholders. On behalf of the board and everyone at Enterprise, I would like to thank Ted for his outstanding contribution to the company and the wider pub sector. He will be greatly missed and we wish him well for the future.
“Simon is highly regarded in the pubs sector. He was the unanimous choice to succeed Ted as chief executive.”
In its preliminary announcement for the financial year ended 30 September, Enterprise Inns’ adjusted earnings per share stood at 19p compared with 20.5p in 2012. It made a £121m profit before tax and exceptional items compared with £137m in 2012. However, it made a £4m loss after tax after net exceptional charges of £99m, relating mostly to property matters.
It issued an unsecured convertible bond, raising £97m, reducing bank debt, net of cash, to £41m.
The estate now comprises 5,636 properties with a book value of £4bn: 5,493 trading pubs and 143 properties that are alternative-use outlets or properties pending disposal.
annabel.dixon@estatesgazette.com
