Ted Tuppen, founder of the UK’s biggest pub company Enterprise Inns, is standing down as chief executive next February after more than 20 years in charge.
Tuppen, who started the company in 1991 when he bought 368 pubs from Bass, said: “I have thoroughly enjoyed my time at Enterprise and I am immensely proud of what we have achieved.”
He will be replaced by chief operating officer Simon Townsend.
Tuppen has frequently been a figure of ire for publicans who through Enterprise’s tied estate are forced to buy their beers, wines and spirits at what they often claim are inflated prices. He defended himself today saying: “If you run a large estate as we do with 5500 pubs you have a vast number of profitable pubs who you never hear about. It’s a fact of life that what you hear about are the ones who complain.”
Enterprise sales, falling for the first nine months of its financial year, rose by 0.6% in the final quarter to September. Pre-tax profits were flat at £121 million, but Tuppen said that Enterprise’s “manageable” debt and amortisation programme meant it can concentrate on improving profits. Shares jumped 8p to 146p.
