Mitchells & Butlers raises £350.51m through open offer

Having sought to raise up to £351m through an open offer, Mitchells & Butlers has confirmed the proceeds have been calculated to be around £350.51m.

The move was supported by the company's major shareholders, Piedmont, Elpida and Smoothfield, who held approximately 55% of the company and consolidated their holdings under a new company, Odyzean.

Mitchells & Butlers previously said its liquidity position had "deteriorated significantly" due to the impact of Covid restrictions and that the open offer was "critical" for the continued operation of the group and its immediate financial stability.

On 16 January the group said it had just £113m left with all facilities drawn and it also delayed its monthly pension contributions for three months, which will become due next month, after having made 1,300 redundancies last year.

The open offer remains conditional on the company's shareholders passing the resolutions at the general meeting at 10am.

Mitchells & Butlers operates restaurant and pub brands including Harvester, Toby Carvery, All Bar One, Miller & Carter, O'Neill's and Ember Inns.