19 Nov 2013 07:00
19 November 2013
Enterprise Inns plc
Chief Executive Officer, Ted Tuppen to retire and Simon Townsend appointed new
Chief Executive Officer
Enterprise Inns plc ("ETI" or "the Company") today announces that Ted Tuppen will be retiring as Chief Executive on 6th February 2014 and is expected to leave the Company on 19th May 2014. He will be succeeded by Simon Townsend, currently Chief Operating Officer.
Ted has been Chief Executive of the Company for more than twenty years, having founded the business in 1991 before its listing on the London Stock Exchange in 1995. Throughout the last two decades, ETI has led the industry in offering an attractive and affordable model for pub ownership in the UK, supporting thousands of publicans to set up and run their own pub business. Under Ted's leadership, ETI has grown into the largest operator of leased and tenanted pubs in the UK, with a portfolio that comprises some 5,500 properties valued at £4 billion.
Following a comprehensive review of internal and external candidates, the Board has agreed to appoint Simon Townsend as Chief Executive with effect from 6th February 2014. Simon joined the business in 1999, was appointed to the Board in 2000 and has been Chief Operating Officer of ETI for 7 years. He has worked in the pub and leisure industry for over 25 years across a number of operational, commercial, marketing and sales roles.
Commenting on the succession, Robert Walker, Chairman said:
"Since founding ETI over 20 years ago, 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. Simon will have the support of a strong management team including Finance Director, Neil Smith, and I am confident that under Simon's leadership the Company will continue to grow and prosper in the years ahead."
Ted Tuppen, Chief Executive, said:
"I have thoroughly enjoyed my time at Enterprise and I am immensely proud of what we have achieved. It has been a privilege to work with such a great team of colleagues and I am thankful to them all for their support and hard work over the years. I am confident that under Simon's leadership, the Company is in very good hands for the future."
Simon Townsend, Chief Operating Officer, said:
"I am very excited to take on the Chief Executive role and determined to ensure that we maintain the positive momentum and improved trading we report today. The business is in great shape, having come through some of the most challenging economic trading conditions we have ever seen. We will remain focussed on returning the business to growth, investing in and enhancing the quality of our estate and providing the highest quality support to our Publicans."
Enquiries: Tulchan Communications, Peter Hewer 0207 353 4200
Ted Tuppen, Chief Executive 0121 733 7700
Emma Greves, Investor Relations Manager 07990 550210