Slump in food sales puts pressure on M&B
A slowdown in food sales piled more pressure on M&B today amid fears that boardroom turmoil is hampering performance.
A slowdown in food sales piled more pressure on M&B today amid fears that boardroom turmoil is hampering performance.
The West Midlands pubs-and-restaurants group, whose brands include Harvester, Toby Carvery and All Bar One, said like-for-like sales rose 0.5 per cent in the nine weeks to September 17, down from 2.7 per cent for the year so far.
Food sales growth slowed to 1.1 per cent – down from the 4.9 per cent figure for the 51 weeks of the financial year to date – despite an increase in promotional activity.
The company has a lot on its plate after being targeted for a takeover by major shareholder and billionaire trader Joe Lewis.
The group, with its headquarters in Birmingham, has already turned down an approach worth 224p a share, and said it would do the same if Mr Lewis's investment vehicle Piedmont comes back with an improved bid of 230p, valuing the business at £941 million.