M&B Pubco Sell Off High Street Pubs To Focus on Food

Pubs and restaurants group Mitchells & Butlers (M&B) has announced plans to sell 333 pubs as it withdraws from the "lower price, drinks-led market".

The pubs are being sold to Stonegate Pub Company,for £373m.

M&B, which owns Harvester and All Bar One, wants to sell off many of its non-core pubs and late-night High Street bars.

Once the sale of the 333 pubs has been completed, the group will have raised £500m from recent asset sales, it said.

The pubs include Scream, High Street Bars & Venues, Town Pubs and Community Pubs.

Following the sales, the group will have 1,580 restaurants and food-led pubs in the UK.