Business
Strategy Review Statement
Strategy Review Statement.
About this update from Mitchells & Butlers Plc
[{"type":"text","content":"\n RNS Number : 0673J Mitchells & Butlers PLC 24 March 2010 \n\n24 March 2010 \nMitchells & Butlers plc\nStrategy Review Statement\n \nThe Board announced on 28 January that it would be conducting a thorough review of the business which would be presented to all shareholders by the end of March. This would look at all aspects of the business including: the number of brands and their positioning; the efficiency and allocation of capital expenditure; and the level of overhead costs within the business. \n \nThe main conclusions from this review are to:\n \n\n\n\n\n-\n\n\nrapidly reshape Mitchells & Butlers into a food-led business centred around core concepts which have significant growth potential;\n\n\n\n\n-\n\n\nplan a withdrawal from the more price sensitive drinks-led businesses;\n\n\n\n\n-\n\n\nimprove our key operating ratios, especially net operating margins;\n\n\n\n\n-\n\n\nimprove our return on capital expenditure;\n\n\n\n\n-\n\n\naddress the pension funding and reduce net debt to around 5x EBITDA;\n\n\n\n\n-\n\n\nseparate the measurement and reporting of the property and operating performance within the business; and\n\n\n\n\n-\n\n\nmove the basis of pay and culture towards one which encourages greater growth in shareholder value.\n\n\n\n\n \nCommenting on the strategy review John Lovering, Chairman, said:\n \n\"I am delighted with the cohesion and effectiveness of the new Board which has quickly concluded on a highly attractive growth plan for the business. We are already implementing the plans with targets being cascaded through the business. I am very encouraged by the enthusiasm and commitment of the management and staff and ...