RESIGNATION OF TED TUPPEN, CEO OF ENTERPRISE INNS

That this House welcomes the departure of Ted Tuppen, CEO of the UK's biggest pubco, Enterprise Inns, announced on 19 November 2013; notes that Early Day Motion 2452 of Session 2010-12 called for his resignation; thus believes that the resignation is overdue and will be welcomed by many who care about pubs including current and former Enterprise licensees; further notes financial results showing that Enterprise has posted a post tax loss with an 11.7 per cent fall in profits before tax; further notes that Enterprise, valued at £700 million, holds £2.5 billion net debt; further notes that Mr Tuppen has been paid millions of pounds, including bonuses, as Enterprise share prices have collapsed, licensees have failed and pubs have shut; further believes that Mr Tuppen, one of the main participants of the overvaluation securitisation scam at the heart of the pubco model, has done more damage to British pubs than any other individual; deplores Enterprise's business practices of exploiting its licensees through excessive prices and rents, draconian fines and harassment, which have led to the failure of thousands of pub businesses and the closure of thousands of pubs, many sold deliberately for alternative use and have also ruined lives; further notes that the company's culture reflects the ruthlessness, arrogance and bullying shown by its CEO; further believes that Enterprise's business model is unethical and financially unsustainable; and calls on the Government to finally reform the sector through a market rent only option to stamp out years of exploitation and abuse that will otherwise continue.