Mitchells and Butlers to sell 300 wet-led pubs

Harvester and All Bar One owner, Mitchells and Butlers, has appointed advisers to assist in the sale of about 300 wet-led pubs, which could raise a total of £500m for the group.

It is believed that Sapient Corporate Finance, an advisory firm that specialises in deals with pubs and restaurant businesses, has been brought in to seek a buyer for the portfolio of public houses.

The wet-led establishments for sale have been said to include the student bar Scream and its Community Pubs and Town Pubs chains.

The move would allow the group to focus on its six food-led brands, including Toby Carvery, Harvester and All Bar One.

Mitchells and Butlers revealed its plans after a 55-day review: "We will grow our food-led mid-market brands. We want to develop smaller footprint high street variants of Harvester and Toby Carvery. We want to open new outlets in leisure parks and other high traffic locations such as retail parks with good car parking."

The Harvester brand could expand from 171 outlets up to 400, say the group, and Toby Carvery could increase from 133 to 300.

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