George Marcall, group managing director at Yates Brothers, is leaving the company "by mutual agreement", it was announced today (Tuesday).

Marcall's formal departure on May 31 comes amid increasing disillusionment with the pub chain in the City. It's p/e rating is now below both rivals Regent Inns and SFI, and way off the pace set by Wetherspoon, the chain Yates once rivalled, not to mention Luminar. It has failed to land any major acquisition to boost its rating. It is said to be still interested in Rank's Tom Cobleigh chain. (See Inside Track, M&C Report, March - April issue).

Marcall, formerly a senior executive with Marks & Spencer and Airtours, will continue to provide consultancy advice to the group, the company said. He will not be replaced. Tim Meggitt and Amanda Willmott, the managing directors of the principal operating divisions, will now report directly to executive chairman Peter Dickson.

Yates Bros will be announcing its preliminary results, for the year ended April 2, 2000, in a fortnight, on Thursday, June 15.