Tchenguiz increase stake in M&B

Property entrepreneur Robert Tchenguiz has increased his stake at embattled pub group Mitchells & Butlers to slightly less than 27%.

The purchase of a 3% stake from asset management company AllianceBernstein will raise the pressure on the management All Bar One and O’Neill’s operator ahead of the announcement of its strategic review on 20 May.

Tchenguiz wants M&B to realise the value of its property assets, but has been in conflict with the board management, which is thought to be keen to maintain its independence.

The purchase comes just weeks after newspaper reports suggested Tchenguiz was considering selling his stake.

M&B has been talking to a number of private equity groups about taking stakes of up to 29.9% in the business. 

The strategic review was announced in January following M&B’s £391m loss relating to a failed joint property venture with Tchenguiz, which cost the finance director his job.

Mitchells & Butlers confirm private equity interest >> 

Tchenguiz to sell M&B stake? >> 

Punch Taverns rules itself out of Mitchells & Butlers acquistion >> 

Board at Mitchells & Butlers under fire after £274m loss >>

By Daniel Thomas

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