M&B sells off 53 more pubs
15 November, 2010
Mitchells & Butlers is selling off another slice of its pub estate, as it completes the disposal of 333 sites to Stonegate.
It is seeking buyers for its 53 franchised pubs and hopes to raise around £30m, the Independent on Sunday suggests. The sale is being handled by Sapient Corporate Finance, which handled the sale of 333 non-core pubs from M&B to Stonegate—a deal that was formally completed today (15 November). An industry source tells the IoS: “These are rather large, rather nice, rather interesting pubs.” Tenants and private equity funds are thought to be among those in the running to acquire the sites.
The sale continues M&B’s move away from drink-led pubs to food-focused operations. It is being overseen by chairman John Lovering, who said earlier this year that he wants to increase profitability and work the company’s brands harder.