Billionaire Joe Lewis, the majority shareholder in Mitchells & Butlers (M&B), has launched a £50m bid for Timeweave, a company that owns a stake in the TV channel which broadcasts horseracing to betting shops. Lewis has been a Timeweave investor for more than five years and currently owns a 29.99% stake in the business through his Mayfair Capital investment vehicle. Last year he attempted a hostile takeover of M&B, which he then aborted.