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Mitchells & Butlers swings to £123m loss

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Mitchells & Butlers (LON: MAB) said today that it has cut 1,300 jobs this year after the group reported a £123m pre-tax loss for the year to 26 September.

The pub and bar operator, which owns chains including Toby Carvery, All Bar One, and Harvester. The group said that store closures and lower levels of sales amid the pandemic led the group to swing from a £177m profit in the same period a year ago.

Earlier this year, Mitchells & Butlers said that it would close 20 of its 1,700 sites across the UK.

“Throughout a very uncertain and challenging year our businesses and teams have adapted quickly, creating a safe environment for guests and putting us in a strong position to benefit when consumers are able to eat out again. We saw direct evidence of this from a strong trading period in July and August before further restrictions came into force,” said chief executive Phil Urban.

“With our great estate, balanced portfolio of brands and proven management team, we remain optimistic that we will be able to regain the momentum previously built and continue to achieve sustained market outperformance, when the current operating restrictions are eased.”

Mitchells & Butlers shares (LON: MAB) are 0.35% higher at 224,29 (0849GMT). This year to date, shares have fallen from highs of 468,00.