On 1 October, Six Continents PLC announces the proposed separation of the group’s hotels and soft drinks businesses (to be called InterContinental Hotels Group PLC) from the retail business (to be called Mitchells & Butlers plc), and the return of £700 million of capital to shareholders.
This process is completed on 15 April 2003. InterContinental Hotels Group PLC (IHG) is now a distinct, discrete company, listed in the UK and the US stock markets.