M&B’s relationship with Robert Tchenguiz began in March 2006 when the entrepreneur, who had become owner of a number of pub chains, confirmed he was bidding for the pub operator through R20, his investment vehicle.

The 550p a share offer, later increased to 575p, was rebuffed and Mr Tchenguiz resorted to building up a stake in the group. He had already proposed to the board the idea of demerging its property assets from its pub operations and creating a tax-efficient real estate investment trust in order to realise the value of property assets worth about £5bn ($8bn).