M&B will sell off propertyMitchells & Butlers has drawn up plans to spin off up to £4b of its property portfolio in a major concession to key activist investor Robert Tchenguiz. As expected, M&B, which owns the All Bar One and Harvester chains, has fought off Tchenguiz's more far-reaching demands that the pub chain's entire £5.5b property estate be transferred to a separately listed tax-efficient real estate investment trust. - [Sunday Telegraph](http://www.telegraph.co.uk/), 20 May.
Champneys fails to make a profit Six hundred shareholders in leisure resort Champneys were expecting to receive payments of between £4,000 and £30,000 each this Tuesday as money paid as the proceeds of redeemable preference shares. Four million such shares with a face value of £1 were issued to founder members of Champneys 10 years ago. Champneys chairman Stephen Purdew has sent a letter to shareholders telling them there will be no payout because there are no profits. - [Mail on Sunday](http://www.mailonsunday.co.uk/), 20 May
By Bob Gledhill
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