M&B chairman quits post after just a year

THE short-lived chairman of West Midland pubco Mitchells & Butlers has announced he is to step down from the company after just a year in post.

Ex-Debenhams boss John Lovering took up the office following last year’s bloody boardroom battle ,  which saw former chairman Simon Laffin ousted following a bitter dispute with a group of majority shareholders over the direction of the company.

Mr Lovering has now informed the pubco’s board of his intention to step down both as chairman and as a director of the company later this year.

The non-executive directors, under the leadership of Simon Burke, the senior independent director, have started to look for a successor. Mr Lovering will remain as chairman in the interim to assist in the process.

Mr Lovering’s tenure as chairman coincided with a difficult period for the company which has seen a restructure and sell off of several assets including hundreds of non-core pubs and its ten-pin bowing business .

The move has seen the company strengthen its financial position, raising more than £550m. It has also achieved stronger capex returns and improved operating margins.

The company’s new food-led strategy focuses on making its brands the leading players in the sector. Brands include: Harvester, Toby Carvery, Vintage Inns, Premium Country Dining Group, Crown Carveries, Sizzling Pub Co, Browns, Miller & Carter, Metro Professionals, All Bar One, Nicholson’s, O’Neill’s and Ember Inns.

Mr Lovering said in a statement: “It has been a huge privilege to be chairman of Mitchells & Butlers.  The company is now on a much firmer footing than when I joined last year. Our board is strong and we have strengthened our executive team with five new executive committee members.

“Group profits have improved significantly in the last year thanks to our focus of switching from volume to spend per head and our core brands are successfully implementing their site expansion goals. We are continuing to trade well and gain market share. I would like to wish the business and its employees every success for the future.”

M&B stages its AGM in Birmingham on Thursday. For latest share price click here