BC Partners has withdrawn its indicative offer for Mitchells & Butlers, the £3bn (€4bn) UK pubs business, throwing the spotlight on securitisation plans that potential bidders say could frustrate takeover bids.

The private equity firm, advised by Lazard, implied in a statement that it had been frustrated by the company's refusal to let it conduct due diligence. But plans for a structured financing from Mitchells & Butlers, which demerged from Six Continents last month, were an important factor in the dropping of the £2.8bn fully funded offer.