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Thu 6th Feb 2014 - Breaking News - Enterprise appoints Adam Fowle as non-executive
Adam Fowle becomes Enterprise Inns non-executive: Adam Fowle, the former Mitchells & Butlers chief executive and current chief executive of Tesco Family Dining Group, has been appointed a non-executive at Enterprise Inns. His arrival comes shortly after new chief executive Simon Townsend signalled that the company would explore the setting up of a managed operation. Last November, Townsend told City analysts that the company “continues to believe that the leased and tenanted model still provides the best alignment of the interests between the entrepreneurial flair, energy and enthusiasm of individual publicans and the experience, support and resources of a national company committed to the long-term ownership of pubs. This remains core for the majority of our pubs.” However, he added: “We need to explore alternative methods of operating, which could require us to take more control of pubs, as we’ve done to a limited extent in the Beacon estate [Enterprise’s ‘intensive care unit’, which sees the company take greater operational control of the retail offer in some 250 to 300 pubs in return for bigger discounts].” Developing a managed division would mean developing “a greater back-office capability than we have traditionally provided through the leased and tenanted model,” Townsend said. The company is looking at “alternative income models, such as franchises, turnover-related rent, or even directly managed operations, particularly at the upper end of our estate.” Last month, Fowle, who has also worked at Sainsbury’s during his career, told the Propel Multi-site Management Masterclass that there are 750 Tesco sites with more than 40,000 square feet of trading space and “enormous footfall”. At some point in the future each of them is likely to host some sort of hospitality offer, whether it’s a coffee shop or a restaurant, Fowle said. At Tesco, Fowle is overseeing the roll-out of Giraffe, which the supermarket acquired last year, and the Decks carvery offer. Enterprise chairman Robert Walker said: “We are delighted to welcome Adam to the Board. We set out with the specific target of appointing a new Non-Executive Director with customer service and strategic skills. In Adam we have secured that. He brings substantial industry and service sector knowledge and expertise which further strengthens the board”. Adam Fowle said: “Enterprise Inns is a great business. The last few years in the pub sector have been challenging but Enterprise has made real progress and I look forward to contributing to its further success.”

Enterprise Inns reports 1% rise in like-for-like net income as Ted Tuppen steps down as chief executive: Enterprise Inns has reported a 1% rise in like-for-like net income in the first 18 weeks of the financial year. The company stated: “We are focused on continuing to implement actions that will sustain this trading performance and, despite market conditions remaining volatile and challenging, we are confident that by enhancing our pub estate and continuing to support our publicans we are providing the appropriate foundations for delivering sustainable net income growth. The quality of our estate is being improved through the disposal of unsustainable pubs and reinvesting the disposal proceeds in the retained business. As previously stated, our disposal programme is focused on pubs with limited trading potential and we expect such disposals to generate £70 million of proceeds in the current financial year. In the first 18 weeks of the financial year we have made good progress completing or exchanging on 84 pubs for proceeds of £31 million, generating a healthy premium to book value. We continue to improve our estate and drive returns through capital investment with an expected investment of up to £65 million for the full year. In the first 18 weeks of the financial year we have invested £25 million in support of our letting programme and growth driving enhancements.” A new £150 million Forward Start Facility commenced on 16 December 2013 and is available through to June 2016. The company added: “We have utilised these facilities to repay the £60 million corporate debenture which matured on 3 February 2014. In line with our expectations, bank borrowings net of cash are now at £104 million, down from £301 million a year ago. During the first quarter and in accordance with the amortisation schedule, we have repaid £11 million of the Unique A3 securitised bonds and £6 million of the A4 securitised bonds, which, together with £6 million of bonds purchased and cancelled, leaves £1,277 million securitised bonds outstanding as at 6 February 2014. As previously announced Ted Tuppen will retire as chief executive immediately following today’s Annual General Meeting. He will be succeeded by Simon Townsend, currently chief operating officer. The board would like to thank Ted for his outstanding contribution and leadership since founding the company over 20 years ago.”

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