Covid impact: 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, M&B s Phil Urban explained Despite takings tumbling by 79% during the six months to 10 April, the CEO of the firm behind Toby Carvery and All Bar One believes it can emerge from pandemic restrictions in a ‘strong competitive position’.
In its most recent half year results statement, the Birmingham-based operator of more than 1,700 venues revealed that revenue plummeted to just £219m from £1.04bn during the first half of the previous financial year.
Toby Cavery and All Bar One operator Mitchells & Butlers (M&B) has secured gross proceeds of £350.5m from shareholders as it bids to weather to Covid-19 pandemic.
Pub, bar and restaurant group Mitchells & Butlers (M&B) has completed its capital fundraise, securing more than £350m from shareholders.
The Toby Cavery and All Bar One operator raised the funds to the tune of £350.51m through an open offer that will see it issue 167 million new shares.
The raise sees shareholder groupings Piedmont, Elpida Group and Smoothfield Holding being acquired under the Odyzean Group, which will hold 55% of the company’s issued share capital.
Before launching the raise, M&B said its liquidity position had “deteriorated significantly” as a result of the impact of the Covid-19 pandemic, with the open offer critical for the continued operation of the group and its immediate financial stability.
Mitchells & Butlers (M&B) has reached an agreement with 3Sixty Restaurants CEO James Horler, and its other shareholders, to continue with the joint venture arrangements in relation to Ego Restaurants.