M&B steps up board battle
PUBS group Mitchells & Butlers yesterday ramped up its row with its major shareholder, billionaire investor Joe Lewis, removing his representatives from the board and appointing a new chairman in defiance of his wishes.
Richard McGuire and Douglas McMahon, representatives of Lewis’s investment vehicle, Piedmont, have been told by M&B to step down.
Simon Laffin, a former finance director at Safeway and M&B’s senior independent director, has been appointed chairman with immediate effect to replace Drummond Hall, who is retiring.
The move came after M&B said it would appeal to the Takeover Panel to rule on whether rebel shareholders were attempting to gain control of the group. M&B also said yesterday it wants two further non-executive directors, Denis Jackson, previously a Citigroup banker, and Ray MacSharry, the former Irish finance minister, to leave.
M&B claims Piedmont, which owns 23 per cent of M&B, blocked three candidates that had been lined up for the chairmanship and has accused a number of shareholders of advancing their own interests at the expense of others.
Hall said yesterday: “Simon was one of the shortlisted candidates for the chairmanship and I am delighted that he is taking over, confident that he will work tirelessly for all our shareholders.”
• Alphameric, the firm that beams live racing footage to bookmakers’ shops, refused to confirm or deny reports that Lewis is on the verge of a takeover bid. He owns a 29.9 per cent stake and there have been suggestions he could seize full control.