All Mitchells & Butlers articles – Page 5
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NewsM&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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InterviewsM&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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NewsM&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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NewsM&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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NewsM&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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NewsM&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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NewsM&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 & InsightMorgan 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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InterviewsM&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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NewsMitchells & 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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NewsM&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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NewsM&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.
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Analysis & Insight
Goodbody on M&B, TRG, Marston’s
Mitchells & Butlers, Restaurant Group and Marston’s all seeing a significant impact from COVID-19
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NewsM&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.
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NewsChoose 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.
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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.
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Analysis & InsightJ.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, ...
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Analysis & InsightJ.P. Morgan and Goodbody on Mitchells & Butlers
Robust Q120 LFL represents comparison-adjusted acceleration
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NewsMitchells & 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.