Mitchells & Butlers Extends Deal To Buy Ego Restaurants Stake
Wed, 17th Feb 2021 09:31
(Alliance News) - Mitchells & Butlers PLC said Wednesday its wholly-owned subsidiary, Mitchells & Butlers Retail (No 2) Ltd, reached an agreement with Ego Restaurants Chief Executive James Horler, and the other shareholders of 3Sixty Restaurants Ltd, to vary certain arrangements of a joint venture.
The joint-venture relates to the development of the Ego Restaurants business, which operates 23 Mediterranean-style family restaurants across the UK.
In August 2018, the Mitchells subsidiary acquired from an exiting shareholder a 40% stake in 3Sixty for an initial GBP4 million. At the same time, the subsidiary entered into a joint venture agreement with the other 3Sixty shareholders for the development of the Ego Business.