Toby Carvery owner “delivering significant value” through property investments

17th May 2023 | Jack Oliver

Mitchells & Butlers says it is improving the “competitive position” of its pubs and restaurants through investment projects.

The hospitality operator, which runs brands such as Harvester, Toby Carvery, and O’Neill’s, said it had completed 90 investment projects in the first half of the financial year. This consisted of 81 remodels, 3 conversions, and 6 acquisitions.

The conversion programme includes the trial of one of the group’s brands, Browns, opening in a suburban environment, a change from its usual high street location. Two of these sites have now been opened with both performing strongly, Mitchells & Butlers said.

Within the half-year period, a Browns restaurant was opened within the Marriott hotel in Cardiff, and a new Innkeeper’s Lodge and Miller & Carter were opened in Sheffield.

Mitchells & Butlers said it is also eyeing the remainder of the owner of Mediterranean-inspired Ego Restaurants, of which it acquired a 40% in 2018. The group aims to acquire the leftover 60% in June this year.

Ego currently operates 26 sites, including 16 which are leased from Mitchells & Butlers, who said that it sees scope for around 20 to 30 conversions using the Ego format within the next three to five years.

This comes alongside the group’s financial results for the 28 weeks ending 8 April 2023, in which it reported a total revenue of £1.28bn, up from £1.16bn in the first half of 2022. However, operating profit fell from £121m to £99m.


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