Sales at Mitchells & Butlers fell 79% in the six months to 10 April, as coronavirus-led restrictions devastated operations at the pub group, which owns Toby Carvery and All Bar One.
The group recorded a loss before tax of £200m in the first half of its financial year, with revenue falling to just £219m for the period, down from nearly £1.04bn during the same period in its previous financial year.
The group was severely hit by the pandemic and made 1,300 redundancies in 2020, placing 99% of its employees on furlough during closures, and was forced to raise £350m in emergency funding after it was left with just £113m with all facilities drawn in January.
Despite the challenging period, CEO Phil Urban said the group was well placed to emerge from the crisis in a competitive position, adding: “We look forward to the removal of remaining trading restrictions in June such that the business is able to return again to full and sustainable profitability.”
The six months were dominated by the effects of Covid-19, with various restrictions taking place during the time including the introduction of regional tiers and eventually a full national lockdown that saw all pubs being shut introduced during the timeframe.
