Mitchells & Butlers has agreed to sell off more than 300 pubs for GBP373m (US$582m) in order to cut its reliance on dwindling on-trade drinks sales in the UK.
Private equity-controlled Stonegate Pub Co has agreed to buy the 330 pubs, Mitchells & Butlers (M&B) said today (20 August). The deal means that M&B has raised GBP500m from recent asset disposals, which also include its Hollywood Bowl entertainment business.
UK: Mitchells & Butlers sells off drinks pubs
Mitchells & Butlers has agreed to sell off more than 300 pubs for GBP373m (US$582m) in order to cut its reliance on dwindling on-trade drinks sales in the UK.