Long-serving Enterprise Inns founder and chief executive Ted Tuppen has announced he is leaving the Solihull-based firm to be replaced by chief operating officer Simon Townsend.
Mr Tuppen, who has held the position for 22 years, is set to retire next May. He founded Enterprise in 1991 from the remnants of the Bass pubs estate and has seen it grow 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.
Commenting on the succession, Robert Walker, chairman said: “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.
"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.”
Mr Tuppen added: “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.”
Mr Townsend said he was looking forward to the new challenge.
He said: “I am very excited to take on the chief executive role and determined to ensure that we maintain the positive momentum.
“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.”
Mr Tuppen’s resignation was announced alongside full-year results, which showed like-for-like net income grew 0.6 per cent in the final quarter, although it was down 2.9 per cent overall for 12 months to September 30.
