Joe Lewis raises his stake in M&B

Billionaire currency trader Joe Lewis's Piedmont investment vehicle has upped its stake in pub and restaurant group Mitchells & Butlers, a former acquisition target, to over 25 per cent. Piedmont, which in October abandoned plans to make an offer for the group, is now M&B's largest shareholder with a 25.65 per cent stake. “He's blocking off any moves organised by others,” said one analyst.