Midlands pub and bar owner Mitchells & Butlers has swung back to a profit following the easing of pandemic restrictions despite the “highly challenging” trading backdrop.
The All Bar One and Toby Carvery owner, which is based in Birmingham, also told investors that like-for-like sales have increased by 6.5 per cent since the end of its latest financial year in late September.
It highlighted cost inflation as a particularly significant challenge, warning that it expects its roughly £1.8 billion cost base to increase by between 10 per cent and 12 per cent before efforts to mitigate this. Earlier this week, the British Beer and Pub Association said pubs across the country could shut without clarity soon over what will happen to energy costs after scheme’s current finish date at the end of March.
Meanwhile, revenues more than doubled to £2.2 billion following the relaxation of Covid-19 restrictions.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Extra 100 Midlands daily trains pledged in £1.5bn rail planDetailed proposals are being submitted to the government to improve the Midlands rail network.
Read more »
Major incident declared as fire rips through Midlands factoriesA major incident has been declared in the West Midlands where a fire is ripped through multiple derelict factories
Read more »
The North and Midlands need more power, but devolution may supercharge our postcode lotteryThe North and Midlands need more power, but devolution may supercharge our postcode lottery 🔵paulwaugh for ipaperviews
Read more »
Coca-Cola truck coming to the West Midlands this week - but no Shropshire date yetThe holidays are coming to the West Midlands this week as the famous Coca-Cola truck visits the region - but there is no news of the truck venturing into Shropshire yet.
Read more »
Scarlet fever cases higher in East Midlands than national averageScarlet fever is caused by the same bacteria group that causes iGAS - which has now claimed the lives of nine UK children.
Read more »
Live M1 updates as traffic stopped due to lorry firePolice and fire are at the scene of the incident near East Midlands Airport
Read more »