Mitchells & Butlers (LON: MAB) said today that the group has cut 1,300 jobs this year after reporting a pre-tax loss of £123 million through September 26th.
Pub and bar operators who own chains such as Toby Carvery, All Bar One and Harvester. The group said store closures and lower levels of sales amid the pandemic have led the group to swing from a profit of £177 million over the same period of the year.
Earlier this year, Mitchells & Butlers said it would close 20 of its 1,700 sites across the UK.
“Through a very uncertain and challenging year, our business and team have quickly adapted, created a safe environment for our guests, and have put us in a strong position to benefit when consumers can eat out again. Furthermore, we saw this evidence first hand from the strong trading periods in July and August before further restrictions came into effect,” said Chief Executive Phil Urban.
“Our great real estate, a balanced portfolio of brands and proven management teams will continue to be optimistic that when current operational restrictions are eased, we will be able to regain the momentum previously built and continue to achieve sustained market outperformance.”
Mitchells & Butlers shares (LON: MAB) are 0.35% higher at 224,29 (0849GMT). Until this year, stocks have fallen from a high of 468,000.
