Ted Tuppen, boss of the £1.7bn Enterprise Inns, is enjoying an Inn joke at the expense of Investec analyst James Wheatcroft. The drinks analyst is a bear of Enterprise with, according to his last Sell note, a "negative view on tenanted pubs". But Enterprise is fighting back, choosing to feature in the contents page of its annual report the Fulham Mitre, one of its most successful tenanted pubs. Tongue in cheek, Enterprise points out that the lessees include Wheatcroft, and two co-investors named Nigel Davies and David Amato.

The 33-year-old Wheatcroft, who owns around a quarter of the Fulham Mitre, says he is pleased to see his pub pictured, but insists Enterprise is still a Sell. Wheatcroft says he discussed his links with Investec's compliance, but no one could see any reason for disclosing his pub interest in his Investec notes.