M&B reports loss of £200m

Mitchells & Butlers (M&B), the group that operates Browns, Miller & Carter, Harvester and Stonehouse Pizza & Carvery among many other concepts, has reported a loss of £200m before tax in its half year results.

The figures, which cover the 28 week-period ending 10 April 2021, reveal a total revenue of £219m and an operating loss of £132m. 

Like-for-like sales were restricted by the pandemic to a decline of 30.1% against pre-Covid levels, though the company did manage to strengthen its balance sheet by £351m via an equity raise and refinanced debt arrangements. 

"M&B was a high performing business coming into the pandemic," states Phil Urban, M&B's chief executive. 

"With the support of our main stakeholders, we are now well placed to emerge in a strong competitive position and look forward to the removal of remaining trading restrictions in June such that the business is able to return again to full and sustainable profitability.

"With our great estate, well diversified portfolio of brands and proven management team, we look forward to welcoming back our guests for great experiences in Covid-19 secure environments and focusing the business once again on continually enhancing our customer proposition while driving efficiencies through the Ignite programme."

Almost all the company's sites are now operating, trading indoors and outside. 

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