M&B to sell 333 pubs
20 August 2010 11:31
Hospitality group Mitchells & Butlers (M&B) has announced plans to sell off a further 333 pubs from its chain as part of its strategy to move away from non-core, drinks-led businesses. The deal with the Stonegate Pub Company is thought to be worth around £373 million.
M&B's focus for the future lies with the higher return food-led pubs and bars it operates. The deal with Stonegate follows quickly on the heels of its decision to sell its Hollywood Bowl 10-pin bowling business to AMF Bowling for £39 million. The pub deal will see M&B divesting itself of pubs including Scream, High Street Bars & Venues, Town Pubs and Community Pubs.
Chief executive Adam Fowle commented: "We are pleased that we have been able to announce the exit from our price-sensitive drinks-led pubs and our late-night venues in a single transaction.
"This disposal, when combined with the sale of our lodge and bowling businesses, completes with the first stage of our strategy."
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