The company enjoyed a 10.4 per cent year-on-year boost in key festive trading weeks, covering Christmas Day and New Year’s Eve, while like-for-like sales for the full 15-week period to 11 January increased by 3.9 per cent. However, chief executive Phil Urban said that “cold and stormy weather over recent weeks has subsequently had a material adverse impact on trading”, softening the positive momentum.
Despite these conditions, Urban remains confident in M&B’s long-term prospects, noting that the group is well equipped to manage a forecast rise of about £100 million in costs following the government’s budget. This additional pressure includes higher employers’ national insurance contributions and an increased minimum wage, which M&B previously warned could force tougher measures on pricing and efficiency.
Industry commentators remain optimistic. Jefferies analyst James Wheatcroft suggests M&B is well placed to outpace rivals, highlighting its strong cash generation and the potential for further debt reduction. Anna Barnfather of Panmure Liberum agrees, calling M&B’s update a “relief” against broader economic uncertainties and highlighting the operator’s resilience.
M&B, which emerged from the old Bass brewing empire two decades ago, runs 1,726 venues under well-known brands such as Miller & Carter, Vintage Inns, O’Neill’s, Browns and Nicholson’s. It is majority-owned by Odyzean Group, a consortium led by prominent investors Joe Lewis, John Magnier and JP McManus, who together hold 56.6 per cent of M&B’s shares.
Last year, M&B’s revenue climbed to £2.61 billion, with operating profit surging from £98 million to £300 million and pre-tax profits hitting £199 million.
Jamie Young
Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the 'covid era' and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine's coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk
