M&B finds new leader as it rallies from losses

The pub company behind High Street chains such as All Bar One and O'Neill's has got a new landlord.

Adam Fowle is today named as chief executive of Mitchells & Butlers, which also owns Harvester, Toby Carvery and the Sizzling Pub Co.

Fowle, who has been working for M&B since 1984, has been acting in the role since May when the previous incumbent Tim Clarke stepped down.

Clarke bit the bullet after seeing losses from a disastrous hedge against interest rates spiral towards £500 million.

Aside from this mess, a result of a masterplan devised by then shareholder Robert Tchenguiz to split the business in two, the pubs groups is regarded as well run.

It has fared much better in the recession than many rivals, with its cheap food offering helping to drive sales.

Fowle can expect to be paid around £600,000 a year before bonuses.

M&B chairman Drummond Hall said Fowle was appointed after "an extensive search process which considered both internal and external candidates".

Fowle said he planned to "build on the success of our operational strength".

Joe Lewis, the Bahamas-based billionaire who bought Tchenguiz's 22% stake, recently succeeded in getting one of his representatives on to the board. Irish racing tycoons John Magnier and JP McManus also have a stake.

M&B owns 3% of the pubs in the UK.