This is the latest move in the demerger of M&B from Six Continents. M&B maintains that the de-merger represents the best method of maximising value and choice for its shareholders. The separation will see £700m of capital returned to Six Continents shareholders whilst allowing the management to become more focused on growing the individual businesses. Mitchells & Butlers plans to develop its estate, driving long-term earnings growth and delivering high returns on capital invested. It is also exploring ways of refinancing some of Mitchells & Butlers assets, which could lead to a significant additional return of capital to investors.

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