333 pubs and restaurants to be sold following shareholder vote

Three hundred and thirty-three establishments are to be put onto the market by pub and restaurant operator Mitchells & Butlers.

Following a vote by shareholders at a general meeting held at the Institution of Engineering and Technology in Savoy Place, London, Mitchells & Butlers announced that the pubs and certain associated assets are to be sold to Stonegate Pub Company Ltd.

The vote was overwhelmingly in favour of the sale, with 99.85 per cent of the company's shareholders voting for the deal, which represents 279,544,974 shares.

Just 0.15 per cent of those who voted were against the proposals, which represents 408,977 shares. The number of shares that were withheld from voting stood at 9,116,336.

It has already been revealed that the 333 pubs will be purchased at a cost of £373 million by Stonegate, which is controlled by TDR Capital LLP.

John Lovering, chairman at Mitchells & Butlers, said, “The sale would allow the company to accelerate its growth into the informal eating out market.”

In related news, Wiltshire brewer Wadworth has purchased the White Hart in Wytham, near Oxford from Mitchells & Butlers.

Panayiotis Themistocli of property agents AG&G, which handled the sale, said, “It was a surprising turn of events but it’s not hard to see why Wadworth were so keen to acquire The White Hart.

“It is a destination venue in an historic village just outside Oxford and it draws people for miles around, especially for its food,” he said.

The price tag has not been disclosed.