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All Bar one owner burning £35m a month due to virus crisis

by LLB Editor
22nd Feb 21 10:51 am

Mitchells & Butlers – the owners of All Bar One, Toby Carvery and Harvester – has warned that the pandemic is costing the chain £35m a month.

The business had a cash balance of just £113m as of January 16 as all facilities remain closed amid the current coronavirus restrictions. This also comes amid a looming deadline to repay £51m debt interest payments by March 15.

The company announced the formal launch of a £351m fundraising exercise to prop up its balance sheet, calling it “critical for the continued operation of the group and its immediate financial stability”.

M&B has also agreed with pension trustees to delay monthly contributions from January to March. They will resume from April.

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