Mitchells and Butlers, the pubs, bars, and restaurants group, has announced pre-tax losses of £123m for the financial year ended 26 September.
Also revealed in the company’s full year results was the confirmation of approximately 1,300 redundancies since the year end.
The firm’s revenues took a hit as a result of the global pandemic, falling 34.1% when compared to FY 2019.
Phil Urban, chief executive at the firm, noted that it has been a “very uncertain and challenging year” for the company.
However, he remained positive by focusing on the like-for-like growth seen in August as a result of the Eat Out to Help Out scheme.
He said: “Throughout a very uncertain and challenging year our businesses and teams have adapted quickly, creating a safe environment for guests and putting us in a strong position to benefit when consumers are able to eat out again.
“We saw direct evidence of this from a strong trading period in July and August before further restrictions came into force.”
The firm continued to invest in its “balanced portfolio” throughout the year, with 167 conversions and remodels counting for a large part of the £108m capital investment for FY 2020.
Urban added: “With our great estate, balanced portfolio of brands and proven management team, we remain optimistic that we will be able to regain the momentum previously built and continue to achieve sustained market outperformance, when the current operating restrictions are eased.”