One of Mitchells & Butlers' leading shareholders fears the pub group could go under if it spins off its £5bn property portfolio. Details of the plan, strongly backed by entrepreneur Robert Tchenguiz, were unveiled with the company's results on Thursday. But one of M&B's institutional shareholders, who has asked not to be named, is to write to directors questioning the strategy of putting its property into a separately-listed Reit. There are fears that if the spin-off happens, hedge funds will desert the pub operating company to invest instead in the property company. The Sunday Telegraph 02/12/07 (Business) pages 2 & 8 The Sunday Express 02/12/07 (Financial) page 28