Mitchells & Butlers (M&B), owners of brands such as Harvester and All Bar One, has reported a fall in profits for the year, despite investing heavily in its operations.

M&B spent £162 million on new site openings and upgrades in the year to the end of September and sales have risen 4%, although “careful spending behaviour" from consumers meant that pre-tax profit fell 13.4% to £123 million.

A spokesman for M&B said "We have made significant progress, investing in the business for future growth...we expect to benefit further from these investments during this financial year".
The pub and restaurant chain reported that they remain confident for the year ahead despite having a “challenging year”.