Two of Britain’s biggest pub operators on Wednesday reported bigger half-yearly losses, as the COVID-19 pandemic forced the temporary closure of their estates. But both Mitchells & Butlers and Marston’s said they were confident profits will rebound.
Two of Britain’s biggest pub operators on Wednesday reported bigger half-yearly losses, as the COVID-19 pandemic and related lockdowns forced the temporary closure of their estates.
Mitchells & Butlers MBPFF, +9.66% MAB, +0.85% shares fell 1.87% in early European trading on Wednesday, while Marston’s MARZF, -3.91% MARS, -0.50% stock was down 1.71%.Pubs and restaurants in England opened for outside dining and drinking in April, but they have only been able to serve customers indoors since May 17, when the country entered the third stage of Prime Minister Boris Johnson’s “road map” out of lockdown.
The pub group, which traded under restrictions for 14 weeks, said that almost all of its outlets had now reopened, with outdoor sales in the five weeks since April 12 running at about 30.1% below total pre-pandemic levels. Its rival, Marston’s, also said early signs from the reopening of its 1,500-strong estate on May 17 were encouraging, with sales running at 77% of pre-COVID levels. Around 90% of the company’s pubs have gardens or outside trading areas, allowing them to open to serve outdoor customers on April 12.
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