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Just what is Joe Lewis, the Bahamas-based billionaire who controls Tottenham Hotspur, brewing up for Mitchells & Butlers?
Speculation that he plans to be more than merely a major investor in the pubs group will only grow after an announcement today that he is taking a seat on the board.
Richard McGuire, an acolyte of Lewis who is a former Citigroup investment banker, joins as a non-executive.
His job will be to push Lewis's interests — which may include a break-up of the company.
M&B has about 2000 pubs, including High Street names such as All Bar One, O'Neill's and the Toby Carvery.
Analysts reckon Lewis may gang up with John Magnier and JP McManus — the Irish racing tycoons who have 16% of the stock — to push for a shake-up. Lewis holds 23%.
Sales figures for the third quarter show that M&B is more than holding its own in a tough market for publicans. Sales are up 1.7% as the offering of cheap food and bland beer lures in summertime socialisers.
M&B recently parted company with chief executive Tim Clarke, who quit after M&B's losses from a failed property deal with Robert Tchenguiz spiralled to £500 million.
Enterprise Inns, the UK's biggest landlord, also reckons it is in decent shape. It said today trading is “stabilising”, with income at the pubs down just 3% this year.
