Company summary
Mitchells & Butlers is one of the UK's largest operators of managed pubs, bars and restaurants. Its brands include Harvester, Toby Carvery, All Bar One, Miller & Carter and O'Neill's.
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MAB
Mitchells & Butlers
Travel & Leisure
- Index
- FTSE 250
- ISIN
- Not specified
- Book status
- 2026 edition — current
Key activities
Operation of pubs, restaurants and bars, food and drink sales, property management and investment across a large predominantly freehold UK estate.
Key markets
The UK eating- and drinking-out market, serving families, casual diners, pub customers and premium steak and bar customers across a broad range of brands.
Key drivers
Like-for-like sales, customer traffic, menu pricing, food and drink margins, estate investment, labour productivity, energy costs and consumer demand for eating and drinking out.
Key risks
Weak consumer spending, wage and business-rate increases, food and energy inflation, alcohol duties, intense hospitality competition, property costs and high operational gearing.
Recent Developments
23 July 2026: third-quarter trading showed broadly flat like-for-like sales after unusually hot weather affected demand. First-half results in May had reported £1.49bn of revenue, £185m operating profit and £143m profit before tax.
Dividend notes
No ordinary dividend is currently being paid and there is no 2026 ex-dividend date. Management has prioritised investment, debt reduction and balance-sheet strength over restarting shareholder distributions.
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