REIT conversion plans announced by Mitchells & Butlers
The plans will also see two executives from Robert Tchenguiz's investment vehicle, R20, join the board
Plans to convert to a REIT have been announced by pub group
Mitchells & Butlers, who are set to ‘actively explore
opportunities for managed pub and sector consolidation.’
The group showed a loss of £121m in the last six months to April 12 after
serious derivative costs with revenue flat at £995m.
Trading fared better during the first four weeks of the second half of the
financial year, with like-for-like sales up 3.4%.
The group said it intended to separate its property business from the
operating part of the group as part of its plan. This will also see two
executives from Robert Tchenguiz’s investment vehicle, R20, join the board,
Sharecast
reported.
Further reading:
M
&B brings Tchenguiz men on board
Overview: Mitchells & Butlers’ deputy must regroup