REIT conversion plans announced by Mitchells & Butlers

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