Ted Tuppen
Ted Tuppen chief executive, Enterprise Inns (2)
Why he is on the list:
Tuppen heads the UK's largest tenanted pubco, although pub numbers have been dropping as the company sells off sites at the rump end of its estate; more than 144 pubs were off-loaded in the first half of 2008 alone.
Accountant Tuppen has been at the helm of Enterprise right from its launch 16 or so years ago, and continues to be a high-profile voice for the company and the industry. His combative style, though, has seemed a little out of kilter in the past year — his description of MPs querying pubco relationships as "moronic" got him into more hot water than was necessary.
What the past year has held:
Like Punch, the last 12 months have been fairly horrendous as the economic recession took its toll on Enterprise and its share price. The company is currently propping up struggling licensees — about 850 of them — to the tune of £1.4m each month.
A recent price freeze on selected beer products, aimed at helping out its pubs, put a further £700,000 a month on costs. It started paying management companies to keep faltering pubs open and numbers could reach 200. Tuppen has put the focus on making major inroads into repaying a £1bn loan, axing its dividend to maximise spare cash.
Its free-falling share price has shown a reasonable level of recovery in the past few months as investors have realised there is a strong business here, despite its struggling bottom-end pubs.
Challenges ahead:
Enterprise's history has, until this past year, been largely upward and onward. The business model's much-vaunted alignment of interests allow Enterprise an intimate appreciation of the problems its tenants face.
It will need to look hard at the Business & Enterprise Committee's report and take steps to implement the key recommendations. The possible win here is the eradication of the white noise of complaint and antagonism in its relations with tenants. It should also be worried by claims that its tenants don't earn the money it claims they do.
