THE boss of pubs group Mitchells & Butlers has quit the business after it lost £69m in a disastrous bet on interest rates.
The owner of the All Bar One and Harvester chains said chief executive Tim Clarke stood down after it settled a "swap contract" which had aimed to protect M&B’s medium term borrowings from rising rates.
M&B, which has 2,000 pubs, said underlying pre-tax profits for the half-year to April 11 fell by 48% to £44m.
The latest liability adds to earlier losses on a previous "hedge" that led to the departure of Karim Naffah, the finance director.
