Mitchells & Butlers confirms £19.5m buyout
Mitchells & Butlers, the Birmingham-based pubco, has confirmed it will acquire the Ha Ha Bar & Grill chain of restaurants from Bay Restaurant for a gross cash consideration of £19.5m.
The transaction is due to be completed on 3 October. The 22 leasehold sites being acquired will be converted in due course into 12 All Bar One sites and six Browns restaurants. The remaining four sites will operate as other Mitchells & Butlers brands.
Adam Fowle, chief executive of Mitchells & Butlers, said: "Whilst small, this acquisition illustrates our ability and our strategy to develop sites to create value for Mitchells & Butlers shareholders. It will also provide an excellent opportunity to grow significantly two strong brands, All Bar One and Browns."
The Birmingham outlet of Ha Ha Bar and Grill has been confirmed as one of the sites to be taken over.
