Pub operator prepares for auction
03/03/2008
Pub and restaurant operator, Mitchells & Butlers, is currently preparing for an auction. The business could sell for £2.5bn. Private equity bidders for the West Midlands-based owner of O’Neills and All Bar One include KKR, Blackstone, CVC and Cinven. Punch Taverns, the leading rival to Mitchells & Butlers, has suggested that the two companies merge which would create a £4bn market leader. Mitchells & Butlers is currently under strategic review and it is thought the sales process will start in May. At least three potential bidders have signed confidentiality agreements with Mitchells & Butlers, which is being advised by Citigroup and Greenhill.
