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.
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"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.
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