Pub Operators Marston's And Mitchells & Butlers Record Pre-Tax Losses; Say They Expect To See More People At Their Outlets As COVID-19-Related Restrictions Ease
British pub operators Marston's and Mitchells & Butlers have recorded pre-tax losses and said that they expect to see more people at their outlets as the easing of COVID-19-related restrictions encourages people to eat out after staying home for months.
Bigger Half-Year Losses
The companies recorded bigger half-yearly losses as stringent restrictions through 2020 and earlier this year severely hit pubs and restaurants. Outdoor dining in Britain began reopening in April, while indoor dining and drinking resumed this week.
Marston's Like-For-Like Sales, Borrowings And Debt
Marston's, which is the two century old brewer of Pedigree, Hobgoblin and Lancaster Bomber beers, said that approximately 1,000 pubs have reopened across England, Wales and Scotland since April, and early trends show sales in like-for-like locations running at approximately 80% of pre-COVID-19 levels.
The company also expects to reduce borrowings to under £1 billion by 2025. Its total debt stood at £1.6 billion for the 26 week period that ended on April 3.
Mitchells & Butlers Like-For-Like Sales
Meanwhile, Mitchells & Butlers, which owns Harvester, Toby Carvery and All Bar One, said that its like-for-like sales were restricted to a decline of 30.1% against pre-COVID-19 levels.
Marston's Pre-Tax Loss Figures
Marston's recorded a total loss before tax of £105.5 million for the 26 week period that ended on April 3, 2021, compared with £31.1 million a year earlier.
Mitchells & Butlers Pre-Tax Loss Figures
Mitchells & Butlers recorded a half-year pre-tax loss of £200 million for the 28 week period that ended on April 20, 2021, compared with £121 million a year ago.