All Mitchells & Butlers articles – Page 2

  • 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.

  • Miller & Carter exterior
    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.”

  • slug

    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.

  • Miller & Carter exterior

    ​M&B keeps reduces costs to keep estate ’secure and safe’


    Mitchells & Butlers has material cash resources which it believes should be sufficient to fund obligations “well into the second half of the year”.

  • Analysis & Insight

    Morgan Stanley on M&B


    Jamie Rollo of Morgan Stanley gives his verdict on Mitchells & Butlers’ latest update. 

  • Analysis & Insight

    Goodbody on M&B, TRG, Marston’s


    Mitchells & Butlers, Restaurant Group and Marston’s all seeing a significant impact from COVID-19

  • Mitchells & Butlers

    M&B has headroom to suffer ‘significant loss’


    Mitchells & Butlers has provided a trading update in light of the Covid-19 outbreak, with like-for-like sales 0.9% for the 24 weeks to 14 March.

  • Hostech 218

    Choose brand before tech - M&B


    Operators should choose technology solutions that compliment their brand’s DNA, rather than adopting tech because “it’s the right thing to do”, Mitchells and Butlers’ head of digital transformation told MCA’s Hostech conference. 

  • Analysis & Insight

    Goodbody on Mitchells & Butlers


    Like for like sales growth for the first 14 weeks of the year to the 4th of January was +2.6% (versus our H1 expectation of c.2.2%) with food +3.0% and Drink +1.8%. Implies growth of +3.5% in the most recent 7 weeks (Food +4% & Drink +2.7%). Total sales growth for the 14 weeks is +2.6%. The festive period showed good LFL sales growth of +5.6% over the three weeks, with +6.5% growth across the 5 key festive days.

  • MARSTONS_Day_2_Jan_2019-1662_300dpi_CMYK
    Analysis & Insight

    J.P. Morgan Cazenove on Marston’s and M&B


    After strong outperformance in 2019, we are moving MARS and MAB to Neutral, from Overweight, as the current share prices have now “caught up” to reflect the fundamentals, in our estimation. MAB’s operational performance inflected during 2019, and MARS largely resolved fears around its leverage and dividend sustainability. In addition, ...

  • Mitchells and Buttler Logo
    Analysis & Insight

    J.P. Morgan and Goodbody on Mitchells & Butlers


    Robust Q120 LFL represents comparison-adjusted acceleration

  • Mitchells & Butlers

    Mitchells & Butlers “pleased” with performance


    Mitchells & Butlers has released a trading update for the 14 weeks ending 4 January 2020. Like for like sales were up 3.5%, with “particularly strong sales growth” in food. Over the three-week festive period, like-for-like sales were up 5.6%. Total sales increased by 2.7% over the full year to date.

  • MC salting

    Analysts’ verdict: Berenberg on Mitchells & Butlers


    Mitchells & Butlers shares are due a “pause for breath” believes analyst Berenberg.