M&B looks to food for growth
Mitchells & Butlers chief executive Adam Fowle has told City analysts he has no idea about the strategies of rebel shareholders seeking to bring about changes to the company’s board of directors.
In a meeting with analysts yesterday Mr Fowle said he had had no direct dealings with the rebels, led by majority shareholder Piedmont and was therefore uncertain about what they were trying to do.
Piedmont, the investment vehicle for Joe Lewis, is opposing the appointment of Simon Laffin as chairman of the board and has written to M&B shareholders urging them to vote against him.
Mr Lewis is claiming Mr Laffin is unsuitable to lead the company because he is seemingly opposed to the Piedmont operation.
Mr Fowles was keen to distance himself from the dispute yesterday and concentrate instead on M&B’s plans for the future. In a presentation entitled Opportunities for Growth he outlined how the company intended to develop the business in the year ahead.
He said the company, which operates chains such as All Bar One, Toby Carvery and Harvester, was well positioned to create value even though the traditional drinking night-out was in decline, partly due to cheap alcohol being available in supermarkets.
He said the company preferred instead to focus on food as eating out was still an attraction and the company’s strong portfolio of brands would be crucial in helping to achieve growth.
In a statement of intent, he said the company was aiming to become “the UK’s preferred choice for informal eating out, with great brands that satisfy key customer occasions, to grow shareholder value”.
