Top investors take control of Mitchells & Butlers after £350m cash call
Takeover Panel says concert party formed to support equity raise will not be required to make an offer for the pub group
15 February 2021 • 4:54pm
Mitchells & Butlers said it will tap shareholders for £350m in a move that will give its three largest shareholders effective control of the business.
The All Bar One owner will issue about 167m new shares priced at 210p.
The FTSE 250 group, which also owns Harvester and Toby Carvery, told investors that it has secured a new £150m credit facility from banks as part of the financial shake-up.
Port sales soar as drinkers fortify themselves in lockdown
Symington Family Estates sold more than 11 bottles of Cockburn’s every minute during the final three months of 2020
11 February 2021 • 12:31pm
One of the world’s biggest producers of port has notched up soaring sales as British drinkers stock their drinks cabinets with fortified wine during the pandemic.
Symington Family Estates, which owns brands including Cockburn’s and Graham’s, said demand for its ranges were fuelled by sales at supermarkets and other shops while pubs and restaurants were closed for much of the year.
Retail sales of Cockburn’s shot up by just over a fifth, Symington said, with 11.6 bottles sold every minute during the Christmas quarter year as households stocked up for the festive season.