Townsend resigns at M&B

Jeremy Townsend, finance director, of the managed pub operator Mitchells & Butlers (M&B) has resigned to join Rentokil Initial, the pest control and support services company, as its chief financial officer.

M&B said that a recruitment process had been started and that Townsend would continue in his current role for up to six months in order to provide an orderly handover to his successor.

A leaving date will be determined and announced in due course, added the group.

Adam Fowle, M&B's chief executive, said: "Jeremy has made a significant contribution to Mitchells & Butlers particularly since taking on the role of Finance Director in difficult circumstances two years ago."

John Lovering, the recently elected chairman of the embattled pub restaurant operator, is currently conducting a review of the business following the bitter boardroom bust up — which saw former chairman Simon Laffin voted off the board in January.

Analysts have suggested cost savings of £15m to £25m could be achieved at the group as a result of the review.