Irish duo up their stake in M&B
Irish horse racing tycoons John Magnier and JP McManus have spent as much as £12.5m (€14.4m) boosting their combined stake in UK pub group Mitchells & Butlers (M&B) to more than 19pc.
They now control 19.06pc of the company, where the non-executive chairman is former Superquinn chairman Simon Burke. Based on M&B's closing price of £3.02 in London yesterday, where the stock closed up 2.2pc, the pair's stake is currently worth £236m (€272m).
The duo used their Elpida investment vehicle to acquire more than 4.4 million additional shares in the stockmarket-listed chain, which is one of the biggest in Britain and operates about 1,500 pubs such as All Bar One and O'Neill's.
The Irish businessmen have owned a stake in M&B since 2007 and before this week's additional purchase had held a 17.6pc share of the group -- a level they reached when they last acquired shares back in 2009.
At that stage, they had doubled their share in the chain within the space of 12 months. Bahamas-based British billionaire Joe Lewis owns a 22.8pc stake in the pub group via his Piedmont vehicle.