M&B ‘has preferred candidate for CEO’

By Mark Wingett, M&C Report

- Last updated on GMT

Related tags: Executive officer, Chief executive officer

Analyst Douglas Jack at Numis has revealed Mitchells & Butlers (M&B) has a preferred candidate for its vacant chief executive role, who “understands the sector”.

After hosting an ‘institutional lunch’ with M&B, Jack said that shareholder structure and lack of CEO/independent non-executives were preventing the group’s shares from re-rating.

He also said management believes ongoing progress to improve the business should bring medium-term margin growth.

Jack, who raised his recommendation to ‘Buy’ from ‘Add’, said the process of appointing non-executives is expected to occur after the CEO is announced.

M&B has been without a permanent CEO since Adam Fowle’s departure 15 months ago.

Meanwhile, M&B has confirmed plans to open its second South-East Asian cuisine restaurant concept Tuk Cho, in Chiswick, west London. September is earmarked for the opening date for the site, an All Bar One conversion.

It is thought M&B plans to roll the brand out further.

Related topics: Mitchells & Butlers

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