Mitchells & Butlers secures £100m loan safeguarding 45,000 jobs


Mitchells & Butlers has secured £100m of additional funding from HSBC UK and Santander UK as part of the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

The funding will support Mitchells & Butlers through the continued disruption of Covid-19 and help to secure the jobs of over 45,000 employees.

The funding was split equally between HSBC UK and Santander UK, and is one of the first CLBILS deals since the Government updated the scheme last month to allow loans of up to £200m.

As one of the largest operators of restaurants, pubs and bars in the UK, Mitchells & Butlers saw its 1,700 sites temporarily close at the start of lockdown – including household names such as Harvester, Toby Carvery and All Bar One. This vital loan ensures the business can continue operating as it prepares to reopen its sites in line with Government recommendations.

Tim Jones, CFO at Mitchells & Butlers, said, “We are grateful for the strong working relationships we have with our banking group enabling us to put together this support funding in uncertain times.

'As we come through the challenges posed by the abrupt shutdown of the hospitality sector we now look forward to welcoming back guests into our sites, where safety will clearly be of paramount importance.”

Akhil Shah, Relationship Director at HSBC UK, said, “The hospitality industry has been particularly hard hit by Covid-19 so providing this support for one of the UK’s largest operators marks an important step in the recovery of the sector.

'As restaurants, pubs and bars prepare to safely reopen, Mitchells & Butlers’ actions to protect jobs and support the industry’s supply chain provides some much-needed confidence in this crucial part of our economy.”