Shareholder hits back in M&B battle January 12, 2010 MITCHELLS and Butlers’ major shareholder yesterday launched a scathing attack on the firm’s board members in which he accused them of blowing £500m. A letter to shareholders by billionaire Joe Lewis accused the board of presiding over “a culture of obfuscation and excess” and said fresh blood was required to rescue the company. Joe Lewis’ [...]
Kate’s smart move September 3, 2009 KATE Moss’s latest collection for Top Shop has hit the ground running, as usual. But among the most sought- after pieces are her jackets, ranging from a sexy striped blazer (above) to a Russian velvet jacket to a faux fur coat to – and this one has made the biggest splash – the bejewelled black [...]
Vince Cable wades into row over boardroom stand-off at M&B January 17, 2010 LIBERAL Democrat Treasury Spokesman Vince Cable yesterday stepped into the shareholder row at pubs group Mitchells & Butlers by writing to the financial services watchdog voicing his concerns. The Takeover Panel on Friday rejected a claim by the pubs group that its biggest shareholders – billionaire currency trader Joe Lewis and the investment vehicle controlled [...]
M&B row with rebel reaches fever pitch.. January 24, 2010 BOSSES of All Bar One owner Mitchells & Butlers are steeling themselves for a showdown with rebel shareholder Piedmont at its annual meeting on Thursday. The company is facing a bid by Piedmont, which owns 23 per cent of the business, to install four independent directors on the board. Piedmont is understood to want M&B [...]
Brown and out in Brighton, but the bets are still on September 27, 2009 WITH the prime minister Gordon Brown being asked on television yesterday whether he is on “pills” on the day the Labour Party conference began, the pressure is mounting on the PM. Although he doesn’t have too many close friends at the moment (except Peter Mandelson, naturally) the chances that he will stand down before the [...]
M&B opens door to rebel appointments December 17, 2009 PUB and restaurant operator Mitchells & Butlers has invited the four candidates put forward to join its board by rebel shareholder Joe Lewis to meet with headhunters and its nomination committee. The operator of All Bar One and Harvester yesterday said the meetings would enable it to formulate its recommendations as to how shareholders should [...]
Apple’s store on Regent St bears fruit September 1, 2009 APPLE’S flagship store in London is so successful that it rakes in more than double the amount of cash per square foot than most of its rivals. The Regent Street store took £60m for the year ending September 2008, giving it a sales density of £2,000 per square foot. In comparison, the average Currys store [...]
LAWYERS MAKE A KILLING IN COURT SPAT March 18, 2010 YESTERDAY saw sighs of contentment all round at inter-dealer broker Tullett Prebon, as judge Justice Jack ruled in its favour after almost a year of wrangling with rival BGC about a staff poaching operation. Though of course, after seven months of advisory work and a trial lasting the best part of four months, it’s the [...]
M&B asks Panel for help with its rebels November 30, 2009 THE scale of the turmoil at Mitchells & Butlers became clear yesterday after the pubs group asked the City takeover watchdog to decide whether rebel shareholders were attempting to seize control of its board. M&B called on the Takeover Panel after Bahamas-based billionaire Joe Lewis, who controls 23 per cent of the group, blocked the [...]
Standard Life backs M&B’s management December 3, 2009 One of Mitchells & Butlers’ largest institutional shareholders yesterday issued a public statement backing the firm’s management, which is facing a revolt from dissident shareholders. Mitchells & Butlers, led by chief executive Adam Fowle, sent documents to the takeover panel this week alleging that Bahamas-based billionaire Joe Lewis, who controls a 23 per cent stake [...]