Mitchells & Butlers is confident of emerging from the pandemic in a position of strength, having reported a half-year operating loss of £132m.

Mitchells Butlers Nicholson's
Photograph: Mitchells & Butlers

It does, however, have a strengthened balance sheet, through a successful £351m equity raise and refinanced debt arrangements. And almost all of its sites have now re-opened.

Chief executive, Phil Urban, said: “M&B was a high-performing business coming into the pandemic. With the support of our main stakeholders, we are now well placed to emerge in a strong competitive position and look forward to the removal of remaining trading restrictions in June such that the business is able to return again to full and sustainable profitability.

“With our great estate, well diversified portfolio of brands, and proven management team, we look forward to welcoming back our guests for great experiences in covid-19 secure environments and focusing the business once again on continually enhancing our customer proposition while driving efficiencies through the Ignite programme.”