News Article Comments : M&B set to offer investors seat on board, says report

Mitchells & Butlers (M&B) is believed to have offered its two largest investors a seat on the board.

The managed pub giant is said to have offered largest investor Joe Lewis and Elipda, the investment vehicle of Irish horse racing tycoons JP McManus and John Magnier, a non-executive director position, according to the Financial Times .

British billionaire Lewis, who acquired his stake from Robert Tchenguiz, recently increased his stake in the company to just over 22% through his investment vehicle Piedmont.

Rumours surfaced recently that a consortium of investors, led by London-based Leo hedge fund, were also seeking two seats on the board.

Several investors are also believed to support the appointment of acting chief executive Adam Fowle as the permanent replacement for Tm Clarke.