9 August 2010
Mitchells & Butlers plc
Disposal of Hollywood Bowl
Mitchells & Butlers announces the disposal of Hollywood Bowl at a value of £39m.
The Company has sold all the operations and leasehold interests of Hollywood Bowl to AMF Bowling for a gross cash consideration of £27m. This transaction is expected to complete on 13 August 2010.
The Board will also sell the remaining freehold property interests in four of the sites for at least £12m in due course.
Commenting on the transaction Adam Fowle, Chief Executive, said:
"This further disposal of non core assets is another important step towards focusing the business on our market leading growth brands."
For further information please contact:
|Erik Castenskiold||0121 498 6513|
|James Murgatroyd (Finsbury Group)||0207 251 3801|
Notes to editors
|-||Hollywood Bowl operates 24 tenpin bowling sites in the UK.|
|-||Mitchells & Butlers' leading portfolio of brands and formats includes Harvester, Toby Carvery, Vintage Inns, Premium Country Dining Group, Crown Carveries, Sizzling Pub Co., Browns, Miller & Carter, Metro Professionals, All Bar One, Nicholson's and O'Neill's. Further details are available on www.mbplc.com http://www.mbplc.com.|
|-||Mitchells & Butlers serves around 130 million meals and 575 million drinks each year and is one of the largest operators within the UK's £70 billion eating and drinking out market.|