Robust sales boost M&B
Published 28/01/2011 | 05:00
The annual general meeting of UK pub group Mitchells & Butlers (M&B) proved a less eventful one than last year as the company reported robust Christmas trading and tried to close an unsavoury chapter that in 2010 resulted in a boardroom bloodbath.
Superquinn chairman Simon Burke was among those re-elected to the M&B board yesterday, having been appointed last year.
billionaire Joe Lewis fought for major structural change at the company, which runs about 1,600 outlets in the UK under names such as O'Neill's and All-Bar-One. Mr Lewis owns almost 23pc of the group.
But just over a week ago UK investor activist group Pirc advised shareholders to vote against the re-election of all six M&B non-executive directors, including Mr Burke.
However, all six non-executive directors were comfortably re-elected yesterday.
M&B also said yesterday that like-for-like sales rose 3.1pc in the first 17 weeks of its financial year, with sales in the 12-day Christmas period up 6.7pc.
Sales of food were particularly strong.
Shares in the company closed up 4.1pc in London at £3.57.