Christmas boosts Mitchells & Butlers
Pub and restaurant operator Mitchells & Butlers has reported a 3.1 per cent growth in like-for-like sales for the 17 weeks to 22 January 2011.
In an interim management statement to the Stock Exchange this morning, the Birmingham company said its results were buoyed by a busy Christmas period, despite the bad weather.
During the period the company disposed of 333 pubs to the Stonegate Pub Company for £373m, but also bought 22 Ha Ha Bar & Grill sites for £19.5m. As a result, it has cut its net debt to approximately £2bn.
The company also reported "encouraging" performance from the first two Harvester outlets on retail parks.
It remains on track to open 50 new sites across its brands in 2011, along with 70 conversions from its existing estate.
Adam Fowle, chief executive, said: "This is a very good start to the year with like-for-like food sales up 6 per cent helped by a strong Christmas performance.
"These trading results, together with the encouraging performance from the two new Harvester retail park sites and the improving new openings pipeline, show that we are on track to implement our growth strategy and indicate the future potential within the business."
