Business
Acquisition of Ha Ha Bar & Gr
Acquisition of Ha Ha Bar & Gr.
About this update from Mitchells & Butlers Plc
[{"type":"text","content":"\n RNS Number : 8656S Mitchells & Butlers PLC 17 September 2010 \n \n\n17 September 2010\nMitchells & Butlers plc\n \nAcquisition of Ha Ha Bar & Grill \n \nMitchells & Butlers has agreed to acquire Ha Ha Bar & Grill from Bay Restaurant Group for a gross cash consideration of £19.5m. \n \nAfter completion of the transaction on 3 October 2010, the 22 leasehold sites being acquired will be converted in due course into twelve All Bar One sites and six Browns restaurants with the remaining four operating as other Mitchells & Butlers brands. \n \nWe expect the transaction to have an EBITDA return of approximately 25% following incremental capital expenditure of £8.5m. \n \nCommenting on the transaction, Adam Fowle, Chief Executive, said:\n \n\"Whilst small, this acquisition illustrates our ability and our strategy to develop sites to create value for Mitchells & Butlers shareholders. It will also provide an excellent opportunity to grow significantly two strong brands, All Bar One and Browns.\"\n \nFor further information please contact:\n \n\n\n\n\nCorporate Affairs:\n\n\n\n\n\n\n\nErik Castenskiold \n\n\n0121 498 6513\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial Adviser:\n\n\n\n\n\n\n\nPeter Hansen (Sapient Corporate Finance)\n\n\n020 7152 6162\n\n\n\n\n\n\n\n\n\n\n\n\nMedia:\n\n\n\n\n\n\n\nJames Murgatroyd (Finsbury Group) \n\n\n020 7251 3801\n\n\n\n\n \nNotes to editors\n \n\n\n\n\n-\n\n\nThe site locations acquired are as follows:\n \n\n\n\n\nBath\n\n\nKingston upon Thames\n\n\nPortsmouth\n\n\n\n\nBirmingham\n\n\nLeeds\n\n\nReading\n\n\n\n\nBluewater, Kent\n\n\nLiverpool\n\n\nSheffield\n\n\n\n\nBrighton\n\n\nMilton Keynes\n\n\nVictoria, London\n\n\n\n\nBristol\n\n\nNorwich\n\n\nVilliers St, London\n\n\n\n\nCardiff\n\n\nNottingham\n\n\nWindsor\n\n\n\n\nCheltenham\n\n\nO2 Greenwich\n\n\nYork\n\n\n\n\nGuildford\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n-\n\n\nMitchells & Butlers serves around 125 million meals and 450 million drinks each year and is one of the largest operators within the UK's £70 billion eating and drinking out market.\n \n\n\n\n\n-\n\n\nMitchells & Butlers' leading portfolio of brands includes Harvester, Toby Carvery, Vintage Inns, Premium Country Dining...