Mitchells & Butlers starts recap with billionaire backing

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By Aidan Gregory
22 Feb 2021

UK pub and restaurant group Mitchells & Butlers has fixed the terms for its £350m recapitalisation, which is intended to repair its shattered balance sheet after the third UK lockdown forced further closure of its venues.

The capital increase consists of 167m new shares at 210p each, a 36% discount to the last price of the stock stock before plans for the recap were announced. Shareholders can subscribe for seven new shares for every 18 owned.

Mitchells & Butlers has now published a prospectus ...

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