Operational Update

Since the UK Government announcement on 30 December 2020, which placed approximately 78 per cent. of the population of England in tier 4 (the most restrictive tier), none of the Group's sites have been open. All of the Group's German businesses were closed at the start of November 2020.

In the period from 27 September 2020 to 16 January 2021, total managed sales were 69.8 per cent. below the prior year. On a like-for-like basis (for sites when open, excluding periods of closure) trading was 30.1 per cent. down on the prior year across this period.

Cash and Balance Sheet

The Group had a cash balance of £113 million as at 16 January 2021 with all facilities drawn.

Agreement has been reached with the trustee of the Group's pension funds to delay monthly contributions from January to March 2021, inclusive, with these becoming due in April 2021.

Taking this into account, since the start of the year, during which time the Group's estate has been fully closed, cash burn was estimated to be between £30 million and £35 million per four-week period. In addition, the Group also has securitised debt servicing costs of £51 million per quarter (comprising interest and amortisation), and all non-essential capital expenditure continues to be suspended.

The next quarter payment date for debt service is 15 March 2021.

Open Offer

Following the announcement made by Mitchells & Butlers on 15 February 2021, regarding its intention to raise £350 million by way of an underwritten fully pre-emptive open offer (the "Open Offer"), the Board has separately announced today the launch of the Open Offer.

Details of the Open Offer can be found in the Open Offer announcement and further information can be found in the combined prospectus and circular produced by Mitchells & Butlers in connection with the Open Offer which is expected to be published at later today.

The Board, which includes representatives of the Odyzean Group (a major shareholder of Mitchells & Butlers), believes that the Open Offer is critical for the continued operation and financial stability of the Group, for managing the business through the current pandemic and, ultimately, to deliver long-term, sustainable growth to Mitchells & Butlers' shareholders.

Phil Urban, CEO of Mitchells & Butlers said,

"M&B was a high performing business coming into the pandemic and with the support of our main stakeholders, including the equity injection from this Open Offer, we have every confidence that we can emerge in a strong competitive position once current restrictions are lifted.

The hospitality industry has done everything that has been asked of it to date and, now that the vaccines are being rolled out and infections are dropping, we are hopeful that pubs and restaurants will soon be allowed to reopen safely so that we can start to serve our customers again"

For further information, please contact:

Tim Jones - Chief Financial Officer
+44 (0)121 498 6112
Gabby Shilvock - Investor Relations
+44 (0)121 498 6514
James Murgatroyd (Finsbury)
+44 (0)20 7251 3801

All documents related to the Open Offer and the details of a presentation at 8:30am this morning can be found at

Note for editors:

Mitchells & Butlers is a leading operator of managed restaurants and pubs. Its portfolio of brands and formats includes Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Browns, Castle, Nicholson's, O'Neill's and Ember Inns. In addition, it operates Innkeeper's Collection hotels in the UK and Alex restaurants and bars in Germany. Further details are available at and supporting photography can be downloaded at

Forward-looking statements

This announcement, oral statements made in relation to this announcement and other information published by the Company may contain certain statements that are, or may be deemed to be, forward-looking statements. Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of the Company about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. By their nature, these statements involve risks and uncertainties since future events and circumstances can cause results and developments to differ materially from those anticipated. Other than in accordance with its legal or regulatory obligations (including under the UK MAR, the Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Regulation Rules), the Company undertakes no obligation to update or revise any such forward-looking statements. Nothing in this announcement should be construed as a profit forecast.