Enterprise Inns boss makes £500,000 from share sale

Enterprise Inns boss Ted Tuppen has made £501,000 after selling 300,000 shares in the company as a price of 167p per share.

As a result, Tuppen now holds 2,896,313 shares in the company, currently worth around £5m.

Simon Townsend, chief operations director at Enterprise, pocketed £116,572 after selling 67,501 shares at 173p each, leaving him with 550,000 shares in the company.

Finance director David George and his wife last month sold 300,000 shares in the company, raising more than £378,000.

In its latest trading statement for July, Enterprise reported that 6100 pubs, 81% of the estate, are delivering net income down 3% on last year.

Financial support for licensees hit by the economic downturn is costing the company £1.7m per month with 800 licensees receiving concessions and special discounts.

Business failures among licensees are running at 50% ahead of last year and costing the company close to £2m per month in lost income.

Enterprise has so far this year sold 277 pubs generating a net income of £7m and expects to generate proceeds in excess of £100m this year and again next year.

Enterprise Inns sells six pubs to two companies >>

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By Emma White

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