M&B reports £274m hedging loss


UK pub operator Mitchells & Butlers (M&B) has reported a £274 million after-tax loss as a result of it having to close out interest rate swaps and inflation hedges on a failed property joint venture.

The hedges were executed in July last year to support a proposed £4.5 billion joint venture with London-based property investment vehicle R20. But plans for the enterprise were shelved as credit conditions turned sour, leaving the company holding naked swaps positions.

The ill-fated deal required

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