All Mitchells & Butlers articles

  • Bob Ivell

    M&B’s Bob Ivell awarded Lifetime Achievement


    Mitchells & Butlers chairman Bob Ivell, known as one most experienced and successful leaders the modern pub and restaurant sector has ever known, has been awarded MCA’s Lifetime Achievement at the Retailer’s Retailer Awards.

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    M&B completes £350m fundraise


    Mitchells & Butlers has completed its capital fundraise, securing gross proceeds of £350.5m from shareholders. 

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    State aid cap upped to £10.9m


    The state aid cap on government grants has been raised to £10.9m, Paul Scully, the minister for business, consumers and labour markets has confirmed.

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    ‘As good as could be expected’ - operators react to the Budget


    In what is now a well-worn routine, Boris Johnson was last week the bearer of bad news, announcing a much slower than preferred roadmap reopening, with hospitality apparently at the end of the queue.

  • Harvester exterior

    M&B: £351m fundraise critical for future


    Mitchells & Butlers has set out further details of its plans to launch of an open offer to raise up to £351m.

  • Ego exterior

    Extension of JV arrangements for Ego Restaurants


    Mitchells & Butlers (M&B) has reached an agreement with James Horler, CEO of 3Sixty Restaurants, and its other shareholders, to continue with the joint venture arrangements, in relation to the development of Ego Restaurants, for a further period.

  • Mitchells & Butlers
    Analysis & Insight

    Peel Hunt ups target price for M&B after share announcement


    Analyst Peel Hunt has increased its target price for Mitchells & Butlers (M&B) from 275 pence per share to 325p and changed its recommendation from Add to Hold.

  • Mitchells & Butlers

    M&B to raise £350m from shareholders


    Mitchells & Butlers has made strides to ease its significant lockdown cash burn through an equity raise and unsecured revolving credit facility.

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  • Mitchells & Butlers

    M&B to explore equity raise to ease cash burn


    Mitchells & Butlers is to explore an equity capital raise to increase its “financial and operational flexibility” in the face of significant lockdown cash burn.

  • Mitchells & Butlers

    M&B CEO Phil Urban on the ‘cruel irony’ of tier 3 restrictions


    It’s an oft-told observation that coronavirus and the work from home directive has led to empty city centres but thriving suburban neighbourhoods.

  • M&B

    M&B axe 1,300 jobs


    Mitchells & Butlers has announced 1,300 of its staff have been made redundant as it deals with the ongoing impact of the coronavirus pandemic. The 1,700-strong group, which operates brands including Harvester, All Bar One and Toby Carvery, began redundancy consultations with a number of staff last month, and has since started working with advisors CBRE to close up to 20 leasehold pubs and restaurants. The job cuts came as M&B revealed its financial results for the year to 26 September, which saw pre-tax losses of £123m, compared to a profit of £177m in 2019.

  • Miller & Carter

    M&B: Staying optimistic about recovery


    Mitchells and Butlers has reported a 34.1% sales fall compared to last year, coming in at £1,475m. It made a pre-tax loss of £123m compared to a profit of £177m last year. “Throughout a very uncertain and challenging year our businesses and teams have adapted quickly, creating a safe environment for guests and putting us in a strong position to benefit when consumers are able to eat out again,” said CEO Phil Urban.

  • All Bar One

    M&B to close 20 sites


    Mitchells & Butlers is working with advisors CBRE to close up to 20 leasehold pubs and restaurants.

  • Harvester

    M&B launches redundancy process


    Mitchells & Butlers has begun a redundancy consultation with a number of staff as it deals with the impact of the coronavirus pandemic.

  • Harvester

    M&B 'continues to outperform the market'


    Mitchells & Butlers achieved like-for-like sales growth of 1.4% in August, as a result of the Eat Out to Help Out scheme and the reduction in VAT.

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    Analysis & Insight

    Morgan Stanley on Mitchells & Butlers


    M&B’s pubs are mostly large, branded, food-led, freehold in residential areas, so better able to cope with Covid-19 pressures and take share as supply exits. We want to be positive, but its securitised debt needs the PLC to inject cash to fund it, and it might need to replace PLC debt with equity.

  • Toby Carvery

    M&B CEO Phil Urban: ‘People want to go out and be social again’


    As social media storms go, it was up there with the silliest.

  • Mitchells & Butlers

    Mitchells & Butlers: 'The fundamental strengths of our business remain'


    Mitchells & Butlers has said that despite the significant financial impact of the coronavirus crisis, it is focused on emerging in a position of strength, “with the intention of continuing to build the business and outperform the industry.”

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    M&B extends lending facilities by £100m


    Mitchells & Butlers has extended its lending facilities by £100m, giving it access to liquidity of £250m through to 31 December 2021.