Mitchells and Butlers thank stay-at-homes
CUSTOMERS foregoing a foreign holiday to stay at home and eat in pubs sent food sales surging at Mitchells & Butlers.
The 2,000-strong owner of All Bar One, Toby Carvery and Sizzling Pub Co. said same-pub food sales rose 5.8 per cent during the summer holidays. Same-pub drinks sales rose 1.2 per cent for the 10 weeks to September against an overall market sharply down, and the company said full-year earnings were likely to be “slightly above” market forecasts of about £83 million.
“We’ve seen growth across all our business,” said chief executive Adam Fowle. “We have benefitted from more people staying in the UK.”
Groups such as M&B, which manage pubs directly, had found it easier to pass on the benefits of their size than those that rent pubs to tenants. Its offers include meals for £2.99 and a £5 all-day carvery.
But Fowle was cautious on how sustainable growth would be in the face of rising unemployment, the reimposition of 17.5 per cent VAT next year, possible higher income taxes and public-spending cuts. The group is looking to maximise cost savings and staff productivity. The shares fell 91⁄2p to 2741⁄2p.