Whitbread boss quits on high thanks to Costa Coffee sales

Alan Parker is retiring from Whitbread to spend more time on his boat, but he is not planning to exit corporate life.

The keen sailor is leaving the group, which owns Costa Coffee and Premier Inn, in November after six successful years as chief executive.

Parker claimed not to have considered the upcoming vacancy as chairman of Marks & Spencer, to replace the outgoing Sir Stuart Rose.

"I would like to go into the next chapter of a plural career," he said. "I am looking at a non-executive position and one or two other interesting ideas."

He will be replaced by Andy Harrison from easyJet.

Parker was talking as Whitbread unveiled another solid trading update. The company has proved as recession proof as any, thanks to its budget food and accommodation.

Costa Coffee is soaring. Sales are up 20% in the 51 weeks to 18 February with the new Flat White coffee a star attraction.

Parker thinks the economy will improve slowly. "My personal view is that we will have a long slow haul out of recession," he said.

Sales at Premier Inn rose 1.7%, while the pubs arm was up 1.3%.

Mark Brumby at Astaire said: "Whitbread is a quality company and has done all that could possibly be expected of it. We will retain our buy recommendation."