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Report on Mitchells & Butlers AGM

8th February 2023

On 8th February 2023, I attended the Mitchells and Butlers AGM, which was held at the company offices in Birmingham. Despite the 9:00am start, around 20-30 shareholders were in attendance.

I asked the board if they could provide me with an update on the volume and trends in cask ale sales and availability through the company’s estate over the past 12 months, and how this compares with pre-covid?

The CEO answered that, like other companies, they had experienced a dip in demand for cask ale since covid. However, there has been a recovery over the past 12 months, and they are now back to offering the full pre-covid range of across their estate.

While cask ale customers were slow to return after lockdown, they are now seeing a recovery in sales volumes.

Questions from other shareholders included ones relating to debt reduction, the absence of a dividend, the early meeting time, and enquiries about specific pubs in the estate. The meeting lasted around an hour.

Overall, the company’s performance appears to be consistent with others in the industry.

Ian Brindley – CMIC Committee Member