Independent shareholders topple board of pub group

THE main independent shareholders of British pub group Mitchells & Butlers (M&B) – specifically British financier Joe Lewis and Irish businessmen John Magnier and JP McManus – have succeeded in overthrowing the group’s board after months of hostility.

Mr Lewis’ investment vehicle, Piedmont recently proposed four new independent board members and, on Wednesday this week, Elpida – the vehicle through which the two Irish financiers own a 17.6% stake – said it would also be voting against the re-election of the then current board at the group’s annual general meeting, which was held in Birmingham yesterday.

Although most of M&B’s institutional investors voted in favour of the board, their re-election was blocked given that the combined stakeholding in the group of Piedmont and Elpida tops the 40% mark.