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Mitchells & Butlers total sales plummet 67.1% in first quarter
StockMarketWire.com
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Restaurant and pub operator Mitchells & Butlers said total sales were down 67.1% in its first quarter trading statement ending 2 January.
On a like-for-like basis (for sites when open, excluding periods of closure) trading was 30.1% down on prior year across this period. The group currently has cash balances on hand of £125 million, with all facilities drawn.
With no sites trading, ongoing monthly cash burn has returned to the level previously disclosed in relation to the last shutdown, at approximately £35 million to £40 million before payment of debt service (representing interest and amortisation) of £50 million per quarter.
The firm said that as a result of the pandemic it was considering an equity capital raise to give the group increased financial and operational flexibility.
Phil Urban, chief executive of Mitchells & Butlers, said: We are now in a third national lockdown. I am consistently impressed by the resilience and energy of our teams as we repeatedly open and close businesses that we have invested in to make Covid secure and urge the government to better understand the huge impact these restrictions are having on the hospitality sector.
The job retention scheme is temporarily protecting some employment but there is a real and pressing need for support for businesses themselves if we are to return to being the vibrant sector and important employers that we were.
Story provided by StockMarketWire.com
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