Summary
A SLUMP in half-time profits at pubs group Mitchells & Butlers was overshadowed yesterday by the abrupt exit of its chief executive after the company lost GBP 69 million in a disastrous bet on interest rates.
M&B said Tim Clarke had stood down after the firm settled a "swap contract" that sought to protect its medium-term borrowings from rising interest rates.See the full content of this document
Extract
Chief Executive's Exit From Pubs Group Hits Share Price
The pubs group has been caught out as rates have dived in the past year. M&B's shares closed down 9 per cent at 237.75p yesterday.
M&B chair...See the full content of this document
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