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Mitchells & Butlers, a UK company and owner of the All Bar One chain is to delist from the New York Stock Exchange (NYSE) and end its American Depository Receipt programme.

M & B cited low trading volumes as reason for its decision. 0.7% of the trading in shares were ADRs. Most US shareholders bought directly on the London Stock Exchange. The costs involved in an ADR programme outweighed the benefits at such low numbers.

Additionally it might terminate its registration with the SEC.

A number of foreign firms are considering delisting or taking the number of American shareholders beneath 300. That way they can avoid some of the horrors of American regulation.

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