M&B boss steps down after spiralling losses

26th May 2009, 11:43am

Tim Clarke, chief executive of Mitchells & Butlers has resigned from the pub company after the combined effects of the economic downturn and a failed property deal costing the firm £95 million.

Pre-tax profits fell to £44 million for the 28 weeks to 11th April 2009, down 48% on last year.

The abortive property deal with Robert Tchenguiz has cost M&B £96 million.

In a statement, chairman, Drummond Hall said: "It is with great regret that the Board has accepted the resignation of Tim Clarke. He has been the architect of the company's success since it was created in 2003 and we are grateful for his outstanding contribution."

Adam Fowle, who currently holds the position of chief operating officer, will step up to fill Clarke's role.

The financial statement described trading patterns as "unusually volatile" with a mixed bag of performances for February, March and April 2009. Sales have been strengthening over the last 16 weeks the company said.

Related Articles:

• 30 Jun 2010 - New finance director at Mitchells & Butlers pub group
• 19 May 2010 - Mitchells & Butlers pub group reports strong trading
• 24 Mar 2010 - Mitchells & Butlers to reposition food-led pub businesses
• 25 Sep 2009 - M&B like-for-like sales up 2.6%
• 02 Sep 2009 - M&B announces two new appointments
• 03 Aug 2009 - M&B appoints chief executive officer

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