UK: Mitchells & Butlers confirms talks to acquire Orchid Group
M&B is looking to acquire the Orchid Group
Mitchells & Butlers has confirmed it is having “exclusive” discussions over acquiring the “majority” of Orchid Group’s pub estate in the UK.
In a statement to the London Stock Exchange today (29 May), the managed pub operator said discussions with Orchid are “ongoing”. It added: “There can be no certainty that a transaction will be concluded.”
According to The Times newspaper, M&B is prepared to pay “more than” GBP250m for around 180 of Orchid’s 220 outlets, having outbid private equity firms Colony Capital and Starwood Capital.
M&B operates around 1,600 bars and food-led pubs in the UK, under brands including O'Neill's, All Bar One and Nicholson's. In its last set of full-year results, the group reported a 2% rise in sales, while net profits rocketed 92% due to lower costs.
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