Mitchells & Butlers has reported that like-for-like sales in the third quarter of its financial year, to 22nd July, increased by 8.9%.
Importantly, against the full-year 2019 results, the last full year before Covid, year-to-date like-for-like sales are up 10%, with growth driven by spend-per-head.
The company continue to focus on investment in the estate and in the year to date it has completed 116 conversions and remodels, and opened four new sites.
It has successfully refinanced its unsecured debt facilities, which were due to expire in February 2024. A new revolving credit facility has been increased in size to £200m, based on a wider banking group, including the continued support of all existing banks. It extends for a further three years to July 2026.
“We are very pleased to report continued strong like-for-like sales growth through the quarter, based on out-performance against the market and underpinned by volume growth in both food and drink,” said Mitchells & Butlers chief executive Phil Urban.
“We remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving cost efficiencies and increased sales.
“Combined with our diverse portfolio of established brands, value proposition, and enviable estate locations, we believe this leaves us well positioned to continue to outperform the sector and deliver a strong full-year performance.”
