UK pub group Mitchells & Butlers, backed by Irish horseracing tycoons, sees costs weighing next year

Following this year's high energy prices as a result of the Ukraine war, Mitchells and Butlers also said it was seeking to cut electricity use and was putting chemical additives into its heating systems to reduce gas consumption.

The company runs more than 1,700 restaurants and pubs in Britain under brands including Harvester and All Bar One.

UK pub and restaurant operator Mitchells and Butlers, in which Irish horseracing magnates John Magnier and JP McManus share more than a 23% stake, said it would tweak menus and try to reduce energy use, as the group seeks to limit the impact of surging costs after sales rebounded to exceed pre-pandemic levels.

Shares in the company, which runs more than 1,700 restaurants and pubs in Britain under brands including Harvester and All Bar One, rose about 8% after it reported a 53% jump in annual operating profit to €143m.