B
Black Swan
Michael O'leary lost approx. £200ml on oil 'bets' last year also, oil's kinda crucial to their business obviously, but stick to the day job eh Micheal? The loss must be why he's thinking of charging you 2 quid to use the in flight bogs in summer. Just pi55 in the aisles, they'll never know...
Pub boss quits after £69m loss
The boss of pubs group Mitchells & Butlers has quit the business after it lost £69 million in a disastrous bet on interest rates.
The All Bar One and Harvester owner said chief executive Tim Clarke stood down after it settled a "swap contract" which had sought to protect the firm's medium term borrowings from rising rates.
M&B, which operates 2,000 pubs, said underlying pre-tax profits for the six months to April 11 fell 48% to £44 million but its recent trading had been robust.
The latest liability adds to earlier losses on a previous hedge that led to the departure of Karim Naffah, the finance director.
Mitchells said chief operating officer Adam Fowle will take on leadership duties on an interim basis.
Mr Clarke became chief executive of Mitchells on its separation from Six Continents in 2003, having held the same role at that firm.
Chairman Drummond Hall said the board accepted the resignation of Mr Clarke with "great regret".
He added: "He has been the architect of the company's success since it was created in 2003 and we are grateful for his outstanding contribution."
The boss of pubs group Mitchells & Butlers has quit the business after it lost £69 million in a disastrous bet on interest rates.
The All Bar One and Harvester owner said chief executive Tim Clarke stood down after it settled a "swap contract" which had sought to protect the firm's medium term borrowings from rising rates.
M&B, which operates 2,000 pubs, said underlying pre-tax profits for the six months to April 11 fell 48% to £44 million but its recent trading had been robust.
The latest liability adds to earlier losses on a previous hedge that led to the departure of Karim Naffah, the finance director.
Mitchells said chief operating officer Adam Fowle will take on leadership duties on an interim basis.
Mr Clarke became chief executive of Mitchells on its separation from Six Continents in 2003, having held the same role at that firm.
Chairman Drummond Hall said the board accepted the resignation of Mr Clarke with "great regret".
He added: "He has been the architect of the company's success since it was created in 2003 and we are grateful for his outstanding contribution."
Pub boss quits after £69m loss
The boss of pubs group Mitchells & Butlers has quit the business after it lost £69 million in a disastrous bet on interest rates.
The All Bar One and Harvester owner said chief executive Tim Clarke stood down after it settled a "swap contract" which had sought to protect the firm's medium term borrowings from rising rates.
M&B, which operates 2,000 pubs, said underlying pre-tax profits for the six months to April 11 fell 48% to £44 million but its recent trading had been robust.
The latest liability adds to earlier losses on a previous hedge that led to the departure of Karim Naffah, the finance director.
Mitchells said chief operating officer Adam Fowle will take on leadership duties on an interim basis.
Mr Clarke became chief executive of Mitchells on its separation from Six Continents in 2003, having held the same role at that firm.
Chairman Drummond Hall said the board accepted the resignation of Mr Clarke with "great regret".
He added: "He has been the architect of the company's success since it was created in 2003 and we are grateful for his outstanding contribution."
The boss of pubs group Mitchells & Butlers has quit the business after it lost £69 million in a disastrous bet on interest rates.
The All Bar One and Harvester owner said chief executive Tim Clarke stood down after it settled a "swap contract" which had sought to protect the firm's medium term borrowings from rising rates.
M&B, which operates 2,000 pubs, said underlying pre-tax profits for the six months to April 11 fell 48% to £44 million but its recent trading had been robust.
The latest liability adds to earlier losses on a previous hedge that led to the departure of Karim Naffah, the finance director.
Mitchells said chief operating officer Adam Fowle will take on leadership duties on an interim basis.
Mr Clarke became chief executive of Mitchells on its separation from Six Continents in 2003, having held the same role at that firm.
Chairman Drummond Hall said the board accepted the resignation of Mr Clarke with "great regret".
He added: "He has been the architect of the company's success since it was created in 2003 and we are grateful for his outstanding contribution."
