Enterprise Inns reveals new name to reflect changing pub portfolio

Enterprise Inns

Enterprise Inns revealed this morning that it will change its name to Ei Group plc with immediate effect.

The pub group said the move “reflects the transformation of its business” following its growth in the market.

It originally began as a single, predominantly leased and tenanted operation but has developed into a portfolio of businesses comprising a variety of operating models and trading styles.

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From 8am tomorrow the company’s shares will trade under its new name of Ei Group plc and the Company’s London Stock Exchange Tradable Instrument Display Mnemonic will change to “EIG”.

Simon Townsend, CEO of Ei Group, said: “We believe the time is right to recognise that we now have strong, differentiated divisional businesses operating under a group umbrella and move forward under our new name of Ei Group plc.”

The new name was unveiled as the company provided the market with an AGM trading update for the 18 weeks to 4 February.

It said it had made a “good start” to the financial year like-for-like net income growth of 1.6% for the period.

It attributed the “steady improvement in performance” to continued stabilisation of rental income and growing income from beer sales, driven by targeted capital investment, operational support and commercial benefits provided to our publicans.

The company expects to be operating in the region of 400 commercial properties by the financial year end. “Despite potential headwinds from legislative cost increases and the new regulatory environment we remain confident that we are on track to deliver our expectations for the full financial year,” said Townsend.

Tags : cateringEi GroupEnterprise InnsfinancialsPubs
Andrew Seymour

The author Andrew Seymour

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