Rival M&B bid

By Iain O'Neil

- Last updated on GMT

Related tags: Executive chairman, Scotland, Bank of scotland, Public house

Fiona Bruce and Ishaq Ahmed
Fiona Bruce and Ishaq Ahmed
Bob Ivell, executive chairman of Regents Inn, confirmed he has been approached to head up a bid for Mitchells & Butlers (M&B).

Bob Ivell, executive chairman of Regents Inn, confirmed he has been approached to head up a bid for Mitchells & Butlers (M&B).

Any Ivell led bid would be in direct competition with Iranian tycoon Robert Tchenguiz, who is reported to be working on a £4bn bid for the managed-house group.

Potential for a deal​Ivell, who oversees the Australian bar-brand Walkabout and comedy-club chain Jongleurs, told the Morning Advertiser's sister paper M&C Report: "With Tchenguiz's interested it shows there is potential for a deal to take place, and there is a lot of potential in M&B.

"I can confirm some interested parties have approached me but these talks are at a very early stage at the moment."

Ivell was formerly executive chairman of Scottish & Newcastle Retail, the managed pub arm of Britain's largest brewer, running 2,300 sites including Premier Travelodge.

M&B, which is currently capitalised at £2.363bn, operates 2,000 pubs and restaurants under a number of brands including All Bar One, Harvester and Toby.

Shares in M&B are currently priced at 476p a share.

Bid expected this week​Tchenguiz, who is working with Apax Partners, Goldman Sachs, Royal Bank of Scotland and Halifax Bank of Scotland, is expected to place a bid for the business as early as this week.

Analysts suggest a successful bidder would need to offer 600p per share for the board to recommend a sale of the company, which including debt would value the business at £4.5bn.

Related topics: Legislation, Mitchells & Butlers

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