Acquisition of Ha Ha Bar & Gr

RNS Number : 8656S

Mitchells & Butlers PLC

17 September 2010

 



17 September 2010

Mitchells & Butlers plc

Acquisition of Ha Ha Bar & Grill

Mitchells & Butlers has agreed to acquire Ha Ha Bar & Grill from Bay Restaurant Group for a gross cash consideration of £19.5m.

After completion of the transaction on 3 October 2010, the 22 leasehold sites being acquired will be converted in due course into twelve All Bar One sites and six Browns restaurants with the remaining four operating as other Mitchells & Butlers brands. 

We expect the transaction to have an EBITDA return of approximately 25% following incremental capital expenditure of £8.5m.

Commenting on the transaction, Adam Fowle, Chief Executive, said:

"Whilst small, this acquisition illustrates our ability and our strategy to develop sites to create value for Mitchells & Butlers shareholders.  It will also provide an excellent opportunity to grow significantly two strong brands, All Bar One and Browns."

For further information please contact:

Corporate Affairs:
Erik Castenskiold	0121 498 6513
Financial Adviser:
Peter Hansen (Sapient Corporate Finance)	020 7152 6162
Media:
James Murgatroyd (Finsbury Group)	020 7251 3801

Notes to editors

-	The site locations acquired are as follows: Bath Kingston upon Thames Portsmouth Birmingham Leeds Reading Bluewater, Kent Liverpool Sheffield Brighton Milton Keynes Victoria, London Bristol Norwich Villiers St, London Cardiff Nottingham Windsor Cheltenham O2 Greenwich York Guildford
-	Mitchells & Butlers serves around 125 million meals and 450 million drinks each year and is one of the largest operators within the UK's £70 billion eating and drinking out market.
-	Mitchells & Butlers' leading portfolio of brands includes Harvester, Toby Carvery, Vintage Inns, Premium Country Dining Group, Crown Carveries, Sizzling Pub Co., Browns, Miller & Carter, Metro Professionals, All Bar One, Nicholson's and O'Neill's.  Further details are available on www.mbplc.com.

 

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