Mitchells & Butlers (M&B) has this morning announced plans to adopt a tax-efficient property structure and the appointment two individuals from R20, Robert Tchenguiz’s investment arm, to its board. The group also said it would continue talks with private equity companies over a sale of a stake in M&B to fund acquisitions. Following a strategic review, the pub and restaurant group said it would adopt a Real Estate Investment Trust, or similar structure – when market conditions were favourable – as the board believed this would better reflect the strength of its operating model combined with the value of its property estate. M&B said it had appointed Aaron Brown and Tim Smalley – Tchenguiz’s key executives at R20 – to its board as non-executive directors, and had agreed with R20 that while it spoke for more than 25% of the shares it would be entitled to two seats on the board. The company said it would also explore ways to unlock value from non-core assets such as Alex, its German restaurant business, Hollywood Bowl, the clutch of tenpin bowling complexes and its lodges, which operate under Innkeeper’s lodge and an Express at Holiday Inn franchise. It also said it would explore ways to accelerate its market share gains, such as acquisitions. Following its review, which the company launched last year following £275m hedging losses connected to an aborted property deal, it said it had concluded that its business model was robust. The news came as the company unveiled interim results, showing ebitda up 4.8% to £241m on sales, which were flat, of £995m. Same outlet like-for-like sales were up 0.8% for the 32 weeks to 10 May, with the company reporting “significant market-share gains” with same outlet food sales up 5.1%, and a drinks decline limited to a drop of 1.5%. As previously announced Drummond Hall will step up from deputy chairman to replace Roger Carr as chairman on 20 June.