Shares digital

All Bar One-owner Mitchells & Butlers (MAB) has lost £274 million from a failed property venture. The chief executive’s resignation has been rejected but the finance director has left. It tried to set up a joint venture last August with property investor Robert Tchenguiz. It took out a hedge to protect the scheme against interest rate changes and inflation. Banks refused to fund the venture. Tchenguiz has now increased his stake to 22%.

Shares says: Investors should welcome closure on the property fiasco despite the monetary loss. Expect bid rumours to start. DC