UK pubs group Mitchells & Butlers to raise $486 million

FILE PHOTO: Customers are seen at a table outside The Island Queen pub, which is run by Mitchells & Butlers, amid the outbreak of the coronavirus disease (COVID-19) in Islington, London, Britain, September 24, 2020. REUTERS/Simon Newman

(Reuters) – Mitchells & Butlers said on Monday it intends to raise 350 million pounds ($486.05 million) through an open offer of shares, and has reached an agreement with its bankers for a new credit facility.

The company also said Piedmont Inc, Elpida Group and Smoothfield Holding, which collectively own around 55% of the pub owner, had formed a consortium called Odyzean Ltd to become its majority shareholder.

Source: Read Full Article