All Mitchells & Butlers articles – Page 4
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News
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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News
‘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.
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News
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.
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News
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.
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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.
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News
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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News
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.
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Interviews
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.
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News
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.
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News
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.
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News
M&B to close 20 sites
Mitchells & Butlers is working with advisors CBRE to close up to 20 leasehold pubs and restaurants.
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News
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.
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News
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.
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Interviews
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.
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News
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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News
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.
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News
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”.
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Analysis & Insight
Morgan Stanley on M&B
Jamie Rollo of Morgan Stanley gives his verdict on Mitchells & Butlers’ latest update.