Just when pub groups thought they had kept the wolves at bay, agitators for real estate investment trusts are again banging on the door.

In 12 days’ time, Mitchells & Butlers is expected to reveal the outcome of talks with Robert Tchenguiz, the financier and 19 per cent shareholder, to decide whether the operator of the All Bar One, O’Neill’s and Harvester chains becomes the first pub group to split up its operating and property empires by adopting Reit status.