MP: Enterprise pay increases insensitive
Enterprise Inns critic Greg Mulholland MP has slammed its bosses for putting "their own greed before the needs of their own tenants" after receiving a boost in their bonus for the year.
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.
Chief operating officer Simon Townsend enjoyed a 55% increase in pay with a total of £738,000 and chief financial officer David George enjoyed a 57% increase in total pay to £746,000.
Lib Dem Mulholland, who is embroiled in a long-running spat with Tuppen, has tabled an Early Day Motion in Parliament condemning the pay rises.
The EDM said the rises were "excessive and insensitive" given that the pubco had reported a 5% decline in like-for-like net income per pub and did not pay a dividend.
He also noted it came in the same year it received a £300,000 fine over the a death of Paul Lee at the Aintree Hotel, Liverpool for a faulty gas fire.
He called for the Government to adhere "to the timetable for reform including retaining the option of a referral to the Competition Commission in June 2011".
Bonuses for the three Enterprise executive directors "reflects the part achievement of challenging adjusted Earnings Per Share targets and personal objectives during the year".
