M&B rebel fights corner as row grows
THE largest shareholder in pubs group Mitchells & Butlers will meet with the Takeover Panel today as the furore grows over the company’s decision to oust four directors.
Piedmont, which owns 23 per cent of M&B on behalf of billionaire Joe Lewis, wants to put its side of the story after its representatives Richard McGuire and Douglas McMahon were removed from the board last week.
M&B accused the pair of vetoing candidates for a new chairman and demanding the resignation of Simon Laffin, who was appointed chairman from senior independent director.
Also ejected were Ray MacSharry and Denis Jackson, thought to represent the Irish racehorse tycoons John Magnier and JP McManus.
M&B, which owns the Harvester and All Bar One chains, called on the Takeover Panel to assess whether rebel shareholders were trying to gain control of the company.
The situation came to a head after the four directors initially refused to sign off M&B’s annual accounts over an argument about the value of the company’s property estate. McGuire and McMahon also strongly opposed M&B’s remuneration plans for its executives, described as “excessive”.
A spokesman for Piedmont said: “We were taking on the board as an engaged shareholder, acting in the interests of all shareholders.”
Piedmont will meet with other shareholders this week to raise concerns about a lack of transparency.
Lewis was last week reported to have tried to block the appointment of retail stalwart Archie Norman – nominee as chairman of ITV – as chairman of M&B.