LONDON (dpa-AFX) - Mitchells & Butlers plc (MAB.L, MLB), a leading operator of managed restaurants and pubs, issued a trading statement covering the 14 weeks ended 2 January 2021. First quarter total sales were 67.1% below prior year. On a like-for-like basis, trading was down 30.1% on prior year.
Mitchells & Butlers noted that, with no sites trading, ongoing monthly cash burn has returned to the level previously disclosed in relation to the last shutdown, at approximately 35 million pounds to 40 million pounds before payment of debt service of 50 million pounds per quarter.
The group currently has cash balances on hand of 125 million pounds, with all facilities drawn. The directors of Mitchells & Butlers believe it is prudent to explore an equity capital raise.
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