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The owner of O’Neill’s and Harvester, Mitchells & Butlers Plc (LON: MAB), has asked its investors for emergency funds.
- M&B said it is left with only £125 million despite cutting all possible costs and drawn on all its lending facilities.
- The company said that it has to pay £40 million per month and also has a £50 million quarterly debt repayment.
- The hospital sector is in shambles across the UK due to lockdowns and strict restrictions which are going to last till mid-February.
- The company in its trading updates for the first quarter stated that none of its sites is open since 30th December 2020, when the UK government announced its plan of reallocating regions in England between tiers.
- During the first quarter, total sales were lower by 67.1 from the sales figures of last year first quarter. There was a slump of 30.1 per cent on a like-for-like basis when compared to previous year across this period.
- The company’s ongoing monthly cash burn is back to the level of the last shutdown, at around £35-£40 million before payment of debt service as no sites trading.
- The company has to make its next quarter debt payment on 15 March 2021.
- On 8 January 2021, the stocks of the Mitchells & Butlers Plc (LON:MAB), traded higher by 2.61% from its previous closing, hovering at around GBX 236.00 at 11:37 AM GMT+1.
