M&B steps up board battle December 1, 2009 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, [...]
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 [...]
Bitter gets a sweet lift as ale sales rise October 5, 2009 REAL ale is the only type of beer to report sales growth for the full year, boosted by a jump in women drinkers and an affluent consumer base. The one per cent rise in sales has outstripped the faltering lager sector, prompting experts to say that cask ale could be the lifeline for many pubs [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 28, 2009 FINANCIAL TIMES LOVELLS IN MERGER TALKS TO CREATE LEGAL FIRMLovells, the City law firm, was in talks on last night over a merger with Washington-based Hogan & Hartson aimed at creating a rare successful big transatlantic legal tie-up, said people familiar with the matter. The proposed deal would create a law firm with a strong [...]
For a late winter ski trip, north-east France is a red hot option February 8, 2010 YOU will hear many British voices on the slopes of the French ski resort of Morzine, but despite the fact that “the Brits are here” the region still retains a Gallic shrug. Unlike Meribel, which has long since been colonised by Brits, and where the main town is full of raucous British pubs like Dick’s [...]
Moulton raises £143m for investment vehicle to target distressed companies December 15, 2009 PRIVATE equity industry veteran Jon Moulton has raised £142.4m to invest in struggling businesses through his new investment vehicle. Moulton, perhaps best known for his involvement in an unsuccessful bid to buy collapsed Midlands car maker MG Rover, will advise Better Capital, which will list on the Alternative Investment Market (AIM) on tomorrow. The group’s [...]
A drop in temperature makes some brands hotter December 1, 2009 WE all like to “make up our own minds” about brands, and recommend to our friends those with which we have had positive dealings. However, rather than being wholly our own self-determined opinions, these recommendations tie in with the seasons much more readily than we might think. Some “seasonal brands” like The North Face and [...]
Sales jump at M&B as deals cheer punters September 24, 2009 Pubs and restaurants group Mitchells & Butlers yesterday said that it expected its full year earnings to beat current forecasts, after a return to bargain dining and cheap boozing boosted sales. The owner of All Bar One and O’Neill’s pubs chains reported a like-for-like sales growth of 2.6 per cent in the 10 weeks to [...]
BEST OF THE BROKERS November 15, 2009 MARSTON’SUBS said that the fall in the Marston’s share price had triggered a review and its rating upgrade from “sell” to “neutral”, but added that uncertain prospects and the lack of an immediate catalyst mean the shares are not yet a “buy”. The broker commented that the group’s managed pub results have been relatively strong [...]
The good times are rolling again February 17, 2010 IT’S been a rough couple of years for restaurants, many of whom – beginning life bright-eyed and bushy-tailed – were stopped in their tracks by the credit crunch. High-gloss French restaurant Ambassade de L’ile and swanky Japanese restaurant Aaya were two casualties, along with Nobu’s sister restaurant Ubon in Canary Wharf. But it’s a far cheerier [...]