Enterprise Inns today used its AGM trading update to announce the company has changed its name to Ei Group plc.
According to a statement released by the company, the name change ‘reflects the transformation of the company’s business from a single, predominantly leased and tenanted operation, to a portfolio of businesses comprising a variety of operating models and trading styles designed to optimise the value derived from the asset base’.
The change will take effect from 8.00 am on 10 February 2017 as the company’s shares begin to trade under its new name.
The company also announced its leased and tenanted estate had achieved like-for-like net income growth of 1.6% in the 18 weeks to 4 February 2017. This was credited to the continued stabilisation of rental income and growing income from beer sales.
There was 2.1% like-for-like net income growth across its 181 commercial properties, with around 400 sites expected to be operational by the financial year end.
It added that trading performance and expansion of its managed house businesses was progressing in line with expectations, and was expected to reach in the region of 250 managed houses by 30 September 2017.
Simon Townsend, chief executive, said: ‘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.
‘Furthermore, we have made good progress executing our operational strategy, in which the group is evolving as a portfolio manager of operating assets. 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.’