Earlier this year, finance director and an executive director of the company Neil Smith indicated he was considering retiring from his executive role by the end of 2026 and Horner – who is currently head of finance – will start her new job as chief financial officer designate on 1 September 2026 and will succeed Smith as CFO upon his retirement on 30 November 2026.
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Horner brings extensive experience and proven leadership to the role. She joined Fuller’s in 2018 as group financial controller and was promoted to head of finance in April 2025.
She has played an important role in some of Fuller’s key transactions, including the disposal of the brewing division to Asahi in 2019, the acquisition of Lovely Pubs in 2024 and the company’s bank refinancing most recently. She also previously served as the company’s interim finance director during 2021.
Internal talent
She said: “I am very excited to step into this role and I look forward to working with the board and leadership team to build on the company’s strong financial position and future success.”
Executive chairman Simon Emeny added: “I am delighted Katie has accepted our invitation to join the board as the chief financial officer. This appointment reflects our success in developing internal talent. Katie has a deep understanding of our culture and priorities, and I know she will provide excellent financial leadership.
“At the same time, I would like to thank Neil for his excellent contribution and wise counsel during his tenure with Fuller’s. He will leave the business in a strong financial position and I, together with the board, wish him all the best for his retirement later this year.”
Unencumbered balance sheet
Meanwhile, Greg Johnson, equity analyst at financial expert Shore Capital, said of the Chiswick-based business: “Fuller’s is arguably the highest-quality pub estate across the UK sector, underpinned by asset flexibility and an unencumbered balance sheet.”
He added the pub group appears well-positioned to continue managing through the current economic and trading environment with revenues and operating margins both strengthening since its 2023 financial year and group earnings before interest, taxation, depreciation and amortisation (EBITDA) for 2026 forecast to be £20m higher than three years ago.
Fuller’s currently operates 185 managed and 151 tenanted pubs with more than 1,000 rooms across its estate, which covers London and the south-east plus Warwickshire and the Bristol/Bath region too.
