Early day motion 2872

TED TUPPEN AND ENTERPRISE INNS

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Total number of signatures: 7

Caton, Martin Clark, Katy Corbyn, Jeremy Crockart, Mike
Hancock, Mike Leech, John Mulholland, Greg

That this House welcomes the Government's commitment to deal with the issue of irresponsible and crony capitalism; notes the case of Enterprise Inns' Chief Executive Ted Tuppen who in 2010 rewarded himself with a 50 per cent. pay rise of 412,000, ultimately taking home 1.22 million, including a bonus of 558,000, despite being at the helm during a period of unrelenting decline, after shares in Enterprise Inns collapsed from 770 pence in 2007 to 26 pencein January 2012, a decline in value of 96.6 per cent.; further notes that Enterprise Inns announced this year the intention to sell almost 300 pubs, the latest in a succession of such three-figure sales, as the company seeks to realise its assets; is dismayed that an organisation with a hold over community assets across the country could be so irresponsible as to amass over 3 billion of debt, including 400 million in bank debts which the latest sale will seek to refinance; and calls on the Government to address the existing pubco business model which allows top bosses like Mr Tuppen to be rewarded for failure at their companies in the form of excessive pay and bonuses while thousands of tied publicans face financial ruin, struggling to survive on less than 15,000 per year because of ruthless exploitation of a position of power.