Shares in Mitchells & Butler (M&B) fell 2% yesterday to 774.5p amid concerns that recent problems in the credit markets could delay or end its proposed property joint venture with Robert Tchenguiz. M&B is expected to sign a deal this week with Tchenguiz, which would see most of its property assets spun off into a joint venture valued at close to £5bn. The deal would involve each party putting in about £300m of equity against £4bn of debt however, the size of the equity has already risen due to rising debt costs. A note last week by Goldman Sachs said: “Rising interest rates have reduced the potential upside that can be realised while the recent concerns of a possible credit crunch increase the risk that the deal is delayed or does not happen at all.” However, the Financial Times quoted a source close to the deal, who said that it had not been “derailed” yet.