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The Armytage Arms, Brighouse Piedmont, Elpida Group and Smoothfield have joined forced to create a new holding company, Odyzean, holding 55 per cent of the company. The firms said the new company will help address “the significant capital needs of Mitchells & Butlers”. Odyzean said it is fully supportive of the current management team but that it plans to review the current composition of the board of directors. A spokesman said: “Without this major equity injection, the prospects for the business, its 1,600 venues, and over 40,000 UK employees would be bleak. “Our signific...

Prospects bleak for Tayside and Fife-based pub group without more funding © dcthomsonbmarshall Fettykil Fox in Glenrothes is within the Mitchells & Butlers portfolio A Tayside and Fife-based pub group that has made job cuts and warned on closures has started urgent fundraising. Mitchells & Butlers is to raise £350 million from its largest investors to shore up its finances as pubs and bars remain shut across the UK. © Supplied by Google Weavers Mill, Campberdown Leisure Park, Dundee The Fettykil Fox, Leslie, Glenrothes The Glover Arms, Creiff Road, Perth The Broxden Manor, Broxden Avenue, ...

Mitchells & Butlers, backed by John Magnier and JP McManus, plans share placing

A consortium of three of the company’s largest investors has said it will be able to make the whole £350m available.