Racing tycoons get board rep at Mitchells and Butlers
Elpida, the investment vehicle of racing tycoons JP McManus and John Magnier, and a major shareholder in pubs group Mitchells and Butlers, has had one of its representatives appointed to the board of the troubled pubs group.
Elpida, the investment vehicle of racing tycoons JP McManus and John Magnier, and a major shareholder in pubs group Mitchells and Butlers, has had one of its representatives appointed to the board of the troubled pubs group.
Edward Irwin has been named as the second non-independent non-executive director of Mitchells & Butlers (M&B), owners of the All Bar One chain, with immediate effect. Irwin is Finance Director of Coolmore, a thoroughbred bloodstock breeder with operations in Ireland, the USA and Australia.
M&B's Chairman, Bob Ivell, who has assumed executive duties while the firm looks for a Chief Executive Officer willing to work with 26.7% shareholder Bermuda-based billionaire Joe Lewis constantly looking over his or her shoulder, welcomed the appointment of Irwin, and described Elpida as a supportive shareholder.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Our search for both a new Chief Executive and for independent non-executive directors is progressing well," Ivell claimed.
Lewis owns more than a quarter of the group's shares through his Piedmont investment vehicle and has previously attempted what was regarded as a "low-ball" 230p-a-share takeover of the company. Piedmont cannot make another offer for M&B until mid-April unless another bidder emerges.
Piedmont has also not been averse to using its block vote to thwart management's plans while the frequent board room changes at M&B have also been ascribed to Lewis's influence. Lewis currently has two representatives on the board: Deputy Chairman Ron Robson and non-executive director Douglas McMahon.
jh
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?
Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap