Magnier and McManus pub investment reports increase in sales

BRITISH pub group Mitchells & Butlers (M&B) – in which Irish financiers John Magnier and JP McManus have a sizable shareholding through their Elpida investment vehicle – has reported a 2% year-on-year increase in sales for the 12 months to the middle of September.

The group – which owns a number of mid-market eateries and pubs such as All Bar One and the Irish-themed O’Neill’s – also recorded a 4.5% year-on-year rise in food sales; a significant development as the group is aiming to become more food-led.

The group’s new chief executive, Adam Fowle, forced an overthrow of the previous board and expressed his pleasure at the speed of delivery of management’s new strategic plan.