Pub, bar and restaurant group Mitchells & Butlers (M&B) has completed its capital fundraise, securing more than £350m from shareholders. The Toby Cavery and All Bar One operator raised the funds to the tune of £350.51m through an open offer that will see it issue 167 million new shares. The raise sees shareholder groupings Piedmont, Elpida Group and Smoothfield Holding being acquired under the Odyzean Group, which will hold 55% of the company’s issued share capital. Before launching the raise, M&B said its liquidity position had “deteriorated significantly” as a result of the impact of the Covid-19 pandemic, with the open offer critical for the continued operation of the group and its immediate financial stability.