By M&C Report team2010-04-12T12:16:00+01:00
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.
The pandemic will wipe £14bn from the pub sector in 2020, but the market is forecast to make a tentative recovery in 2021, Lumina Intelligence reports.
Mitchells & Butlers is working with advisors CBRE to close up to 20 leasehold pubs and restaurants.
Should there ever be demand for a hospitality ‘how to’ guide on responding to a global pandemic, the Bao team could write a pretty strong one. Since those initial virus rumours began to circulate at the beginning of this year, the London-based Taiwanese restaurant group didn’t waste any time in mobilising a response. In March, the then four-strong brand – with restaurants in Soho, Borough and Fitzrovia, plus a ‘Bao Bar’ in Hackney’s Netil Market – announced it was due to open its first all-day dining concept, Café Bao, in Kings Cross. Not ideal timing, but as co-founder Shing Tat Chung tells MCA, undeterred by the Kings Cross set back and estate-wide closure, the business set about pursuing a different avenue of opportunity.
Slim Chickens, the Boparan Restaurant Group-owned fast causal concept, has entered into its second franchise agreement. The new deal between Boparan and franchisee KK Restaurants SW will see the brand open five restaurants across the south west of England, with the first due to open in Exeter next month. The Exeter restaurant will be Slim Chickens’ tenth UK site, and second franchise-operated location following its Manchester Trafford Centre opening last month with partner JRK Restaurants.
Five Guys will push on with its expansion plans despite the uncertainty of the coronavirus pandemic, with at least three new openings set before the end of the year.
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