Enterprise bosses enjoy bonus boost
Enterprise Inns chief executive Ted Tuppen enjoyed a 51% earnings increase in the company's most recent financial year to 30 September 2010 — he earned a total of £1,223,000 compared to £811,000 the year before.
According to the annual report, the pubco boss received a basic salary of £640,000 — the same as last year — plus a performance related bonus of £558,000. He also received £25,000 worth of benefits including an allowance for a car, fuel and private medical insurance.
As part of his basic salary, Tuppen received a £160,000 salary supplement in lieu of pension contributions.
Chief operating officer Simon Townsend enjoyed a 55% increase in pay with a total of £738,000 including a basic salary of £384,000, £23,000 in benefits and £331,000 in performance-related bonus — he earned a total of £475,000 in 2009
Chief financial officer David George enjoyed a 57% increase in total pay to £746,000 including a basic salary of £384,000, benefits of £23,000 and a performance related bonus of £339,000 - he earned a total of £476,000 in 2009.
George is to step down from the Enterprise board on 20 January but will remain as an employee until 31 July 2011 to ensure an effective handover.
He will then be employed as a consultant for a year from 8 August 2011 at a cost of £100,000 a year.
Bonuses for the three Enterprise executive directors "reflects the part achievement of challenging adjusted Earnings Per Share targets and personal objectives during the year".
For its latest full year, Enterprise reported a 5% decline in like-for-like net income per pub — but did not pay out a dividend despite achieving what it described as a "hard won stability".
Ebitda before exceptional items was down from £450m to £405m and it delivered a profit before tax and exceptional items of £175m, down from £208m the year before.
