M&B Will Ride Out Market Turmoil Before Relaunching Property Spin- Off Plans ; Leisure

Summary

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Birmingham-based Mitchells & Butlers - owner of the Harvester and O'Neill's restaurants and bars chains - is still hoping to spin off pounds 4.5 billion worth of property once the storm hitting debt market dies down.

The firm, which has its headquarters in Fleet Street, had been planning to form a property joint venture with activist shareholder Robert Tchenguiz's R20 vehicle, comprising around 1,300 of pubs and pounds 240 million of rent.

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Extract

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M&B Will Ride Out Market Turmoil Before Relaunching Property Spin- Off Plans ; Leisure

But last month the plans were put on hold because of turmoil in the debt markets.

Both Mitchells & Butlers and R20 had separately ...

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