Whitbread chief executive Andy Harrison made a firm declaration of his faith in the firm, purchasing nearly £200,000-worth of shares on the same day the company admitted sales growth had slowed.
The Costa Coffee and Premier Inn owner disappointed investors after the figures suggested that even the company's coffee shops are starting to run out of steam.
Although total sales for the group's third quarter - the 13 weeks to December 1 - were up 11.4% on a like-for-like basis, sales compared to the previous half were down.
Harrison, who purchased 13,338 shares at 1,490.00p each, said: "Although this is a reflection of the general economic climate, I would say that's pretty impressive growth in total sales."
Costa Coffee was Whitbread's best performing division, but saw LFL sales growth drop from 6.7% to 3.8% from one half the next, while sales at Premier Inn hotels grew just 2.6% in the third quarter compared to 5.2% in the previous half.
"Our like-for-like sales performance keeps us on track to deliver full year results in line with expectations," Harrison added.
Northern Investors, which provides longer term investment finance for unquoted companies in the north of England, has partly cashed in on its investment in crawler crane hire company Weldex (International) Offshore. [23 Jun '10]
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