Billionaire Joe Lewis is expected to launch a fresh attack on the management of Mitchells & Butlers (M&B) on the back of its full-year results. According to The Times, his Piedmont investment vehicle, which withdrew a putative £3bn bid for the All Bar One and Harvester operator last month citing volatile markets, is likely to express its concern over issues ranging from margins to the failure to find a chief executive. Piedmont, which has a 22.8 per cent stake, is expected to use the company’s annual results to highlight many of the issues it raised during its abortive approach. The newspaper says that Lewis is said to be particularly uneasy over the “management vacuum” at M&B, which has been searching for a chief executive since the abrupt exit of Adam Fowle in March. In addition, the Bahamas-based tycoon is also concerned at the departure of three members of the executive committee as part of a reshuffle by executive chairman Bob Ivell devolving more responsibility to nine brand operations directors. One analyst told the newspaper: “Lewis may have some genuine concerns but complaining of a ‘management vacuum’ is a bit rich, given that he’s the main reason why the company is struggling to attract a chief executive and any more independent non-execs.”