Robert Tchenguiz, the billionaire pubs and property tycoon, and a host of fellow investors in Mitchells & Butlers (M&B), the embattled bars operator, will seek to oust chief executive Tim Clarke unless the company agrees to unlock billions of pounds from its real estate portfolio. Sunday Telegraph, Financial Times

Tchenguiz is believed to be concerned that a proposed merger of the All Bar One operator with the Spirit pubs business could significantly undervalue M&B’s property portfolio.

The investors, who are understood to be acting separately but collectively account for about 40% of M&B’s shares, are preparing to move on the board of the group of the All Bar One chain pending next month’s announcement about the outcome of a strategic review.

Marshall Wace, the hedge fund, and Elpida, the investment vehicle of the Irish investors John Magnier and JP McManus, are monitoring the review closely. Tchenguiz, who owns about 23.5% through his R20 vehicle, is understood to be supportive of Clarke’s current attempts to engage potential investors, who are being courted by bankers at Citigroup and Greenhill.