Mitchells and Butlers LFL sales rise 4.5% in Q3
The group has completed 150 site conversions and remodels during the third quarter, as well as opened two new venues
Mitchell and Butlers has reported a 4.5% rise in like-for-like sales for the 42-week period ended 19 July, thanks to strong trading in the third quarter which was boosted by Easter and warm weather.
For the year to date, M&B’s total sales rose by 4.4%.
The group, which operates brands such as Toby Carvery, All Bar One and O’Neill’s, has completed 150 site conversions and remodels during the third quarter, as well as opened two new venues.
It also acquired the freehold of two existing locations and continued rolling out energy-saving measures, including solar panels and sensors.
In addition, the company has refinanced its unsecured debt, securing a new £150m revolving credit facility, down from £200m, with a term to July 2028. The facility, which remains undrawn, retains the existing covenant structure at reduced margins.
Despite cost pressures in the sector, the group said it expected its full-year performance to be at the top end of market forecasts.
Phil Urban, chief executive of Mitchells and Butlers, said: “The business continues to perform strongly, enabling us to meet the cost challenges facing the sector with confidence. We will remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving cost efficiencies and increasing sales.
“With the unique strengths of our business, including a diverse portfolio of established brands, value proposition and enviable estate locations, we believe we are positioned to continue to grow profitability and market share.”
