Euromoney Mitchells & Butlers opens emergency equity raise to stave off default

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Mitchells & Butlers-operated pub chain O’Neill’s, pre-Covid

Mitchells & Butlers-operated pub chain O’Neill’s, pre-Covid

Prime minister Boris Johnson published guidance on Monday on how the UK, which has suffered the second-highest death rate per capita from Covid in the world after Belgium, might emerge from its third lockdown.

Whenever pubs can open again, it won’t be soon enough for many Britons.

On the same day that Johnson addressed parliament, Mitchells & Butlers (M&B), the company behind quintessentially British pubs and restaurants such as O’Neill’s, All Bar One and Toby Carvery, opened a pre-emptive offer to existing shareholders of 167 million new shares, priced at 210p.

That is a 36% discount to the closing price on February…

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