M&B says sorry to sacked non-executives

Mitchells & Butlers (M&B), the managed pub operator, has expressed regret for the sacking last December of four non-executive directors it had accused of acting in concert against the company.

Yesterday the Toby Carvery and Harvester operator thanked the men for their contribution and reported that it had a made a contribution for their legal costs and expenses.

A review by the law firm Freshfields had found no wrong doing, added M&B.

In a statement to the Stock Exchange it said it now accepted that former M&B directors Denis McShane, Ray MacSharry, Richard McGuire and Douglas McMahon "acted in what they believed to be the best interests of Mitchells & Butlers".

The statement read: "We asked [law firm] Freshfields to review the relevant circumstances and we accept that the directors acted in what they believed to be the best interests of Mitchells & Butlers plc.

"We would like to make it clear that nothing has come to our attention that would prevent any of these former directors from serving as credible and capable independent directors of listed companies in the future, including Mitchells & Butlers plc.

"All parties have agreed that the company's and shareholders interests are best served at this time in supporting the current board structure and its strategy.

"The company has made a payment towards the personal costs and expenses of certain of these former directors. We wish to place on record our thanks for the contribution made by each of these directors.

"We regret the manner in which their appointments came to an end and we wish them well in the future."