M&B on £200m acquisitions trail
Birmingham-based pubco Mitchells & Butlers plans to invest about £200m on single site and small package acquisitions next year. The announcement came as the company revealed its pre-close interim results this morning, when it revealed a sales growth of 2 per cent for the 51 weeks to 18 September.
The pub and restaurant chain, which acquired the Ha Ha Bar and Grill chain last week, said it will spend the capital on single site and small package acquisitions as well as maintenance and conversions over the next 12 months.
Retail sales also increased at a rate of 0.7 per cent over the past 51 weeks.
The company said it expects net debt to stand at approximately £2.3bn at the year end, excluding the proceeds from the sale of 333 non-core pubs “which are expected in November”.
Adam Fowle, chief executive, said: "This is a very encouraging performance, particularly given the present consumer economy, and underlines the strength of the Mitchells & Butlers business. I am pleased at the speed of delivery on our strategic plan."
