The Laurel Pub Company has said that, after reviewing the situation at Mitchells and Butlers, it has decided not to make a bid for the company.

Laurel said it reserved the right to reconsider, should a third party move in on M&B.

Earlier this month BC Partners, the private equity firm, dropped its plan to make a bid for M&B after complaining that the company had failed to give it access to its books.