Royal Bank of Scotland has renewed its ties with Mitchells & Butlers after being hired to arrange a refinancing as part of the group's defences against a £4.6bn (€6.6bn) bid from Iranian property tycoon Robert Tchenguiz.

The refinancing is one of several measures announced today in Mitchells & Butlers' trading statement that could help stave off a takeover of the group. The UK pub and restaurant group rebuffed Tchenguiz's indicative proposal a fortnight ago.