Mitchells & Butlers Sells Off Pubs, On-Trade Alcohol Outlook Looks Weak

British pub chain Mitchells & Butlers is to sell off over 300 pubs for GBP373mn. The move is in response to falling on-trade drinks sales and the firm has said it will use some of the proceeds to invest in food-focused outlets. It comes shortly after the firm sold its Hollywood Bowl ten-pin bowling operations and these sales should help to reduce the firm's debt load and position it to invest in its higher-potential outlets. The decision reflects the weakness of the UK's on-trade drinks segment, which BMI believes is unlikely to return to growth in the medium term due

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