Mitchells and Butlers has reported “volatile” sales since the reopening of its estate on 17 May 2021.
In a recent trading update for the 43 weeks ended 24 July 2021, the group said total sales, including 18 weeks of enforced closure, were at 35% of pre-Covid levels.
In the first five weeks like-for-like sales were “strong” at 98% of pre-Covid levels, supported in particular by pent up consumer demand on full re-opening.
Meanwhile, the group had cash balances on hand of £203m as of 24 July 2021, with undrawn unsecured facilities of £150m and a further £39m currently drawn on the liquidity facility within the securitisation.
Phil Urban, chief executive, Mitchells and Butlers, said: “The continuing uncertainty relating to the pandemic still makes forward guidance difficult, and is likely to do so at least until into the Autumn.
“However with our diversified portfolio of well-known brands and largely freehold estate, and our continued focus on efficiency through our Ignite programme, supported by a strengthened balance sheet, we are in a strong position coming out of the pandemic as restrictions ease further.”