Mitchells & Butlers is the latest pub group to announce major redundancies as circa 1,300 people have lost their job following a pre-tax loss of £123 million for the year to 26 September. The loss when compared to a profit of £177 million for the same period last year, shows a £300 million reversal in results.
Pub brands in the Mitchells & Butlers portfolio includes Harvester, All Bar One and Toby Carvery and all will see the reduction in jobs from the cuts across the group. In all circa 44,000 people work in 1,700 Mitchells & Butlers sites across the UK.
The group earlier this year said that it was unfortunately forced by Covid-19 and the ensuing business climate to consult on job cuts but did not indicate on numbers that could be impacted.
Through the pandemic to date, 99% of workers have been furloughed during lockdown thanks to the Chancellor’s job support scheme.
Mitchells & Butlers not only reported a 34% decline in revenue for the year to 26 September, but has also been negatively affected from a £93 million write-down in the value its property portfolio.
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Hospitality & Catering News: Mitchells & Butlers cut 1,300 jobs after £300 million reversal in results – 25 November 2020 – Mitchells & Butlers cut 1,300 jobs after £300 million reversal in results.
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