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UK's Mitchells & Butlers targets food-led business

by reuters.com - 24/03/2010

UK's Mitchells & Butlers targets food-led business

"British pubs group Mitchells & Butlers (MAB.L) said it planned to reshape the company into a food-led business and would withdraw from non-core assets."

In a strategic review statement on Wednesday the group said it would expand its food-led mid-market brands Harvester, Toby Carvery, Crown Carveries, Sizzling Pub Co, Premium Country Dining and Vintage Inns.

It would also develop smaller town centre variants of Harvester and Toby Carvery.

The exit from non-core activities will focus initially on opportunities to convert sites into one of the growth brands.

Mitchells & Butlers also outlined plans to improve its key operating ratios, especially net operating margins, and improve its return on capital expenditure.

The firm will also address its pension funding and reduce net debt to around five times EBITDA (earnings before interest, tax, depreciation and amortisation).

It will separate the measurement and reporting of the property and operating performance within the business and move the basis of pay and culture "towards one which encourages greater growth in shareholder value".

Its shares closed on Tuesday at 291.1 pence, valuing the business at 1.19 billion pounds ($1.8 billion). (Reporting by James Davey; Editing by David Holmes) ($1=.6672 Pound)

More Details: http://www.reuters.com/article/idUSLDE62N09820100324