M&B's Ivell meets shareholders over board vacancies
Mitchells & Butlers‘ interim chairman Bob Ivell (pictured) has held a meeting with City shareholders over concerns the company is struggling to fill vacancies on its board.
The pub firm, behind brands like All Bar One and Harvester, has seen a string of independent directors depart in recent months. Six weeks ago, M&B had just five directors on the board, two of whom are designated representatives of Lewis. Ivell's three predecessors - Simon Burke, John Lovering and Simon Laffin - all resigned from the role.
Ivell met the Association of British insurers, which represents institutional shareholders, about a week ago, according to theGuardian.
He is reported to have told them he was aware that some investors feared that billionaire shareholders Joe Lewis, JP McManus and John Magnier - who together hold 42% of shares - appeared to be exerting undue control over the business.
A spokesman for M&B would not comment about the meeting.
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By Neil Gerrard
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