My sector favourite right now is Mitchells & Butlers. At just under nine times earnings (for the year to December 2012) it has attractions. M&B has been repairing its balance sheet and there's hope of a small yield to keep investors happy, plus the chance that mega-bucks financier Joe Lewis will come back with a new bid this year, when the six-month moratorium ends after his decision to walk away last year. The downside with M&B is the revolving door at the top. If it can fix this, the shares could fly.