FoodBud
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RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
FoodBud

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Company card

Mitchells & Butlers plc

Medium
Groupest. scale

LSE Main Market MAB.L · Europe

Listing status
listed
Operating model
Direct / managed estate
Scale basis
Company-operated revenue (proxy)
Confidence
Medium
Segment
pub restaurant

Large directly managed pub/restaurant group; use direct managed estate for operator productivity.

Scale basis note

Revenue from company-operated restaurants (mostly-owned estates). Useful for accounting scale, not directly comparable with GMV/system sales.

Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
1,631 stores
FY2025 (52 weeks ended 27 September 2025): the total estate comprised 1,718 sites in the UK and Germany of which 1,631 are directly managed.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · the total estate comprised 1,718 sites in the UK and Germany of which 1,631 are directly managed.
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Scale
Revenue from company-operated restaurants (mostly-owned estates). Useful for accounting scale, not directly comparable with GMV/system sales.
$3.54B
FY2025 (52 weeks ended 27 September 2025): Total revenue of £2,711m (FY 2024 £2,610m)
Company-operated revenue (proxy)Revenue from company-operated restaurants (mostly-owned estates). Useful for accounting scale, not directly comparable with GMV/system sales.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Total revenue of £2,711m (FY 2024 £2,610m)
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: Company-operated revenue (proxy)
Precision: Estimated
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$2.17M
Screening proxyest.
Derived scale_per_store using scale ÷ store_count at the linked scale basis; not a separately reported company metric.
Company-operated revenue (proxy)Revenue from company-operated restaurants (mostly-owned estates). Useful for accounting scale, not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Company-operated revenue (proxy)
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$311.04M
FY2025 (52 weeks ended 27 September 2025): 238000000 GBP. USD=estimated via DEXUSUK period-average 1.3069052209 (usd_per_currency, FRED DEXUSUK; daily mean 2024-09-28..2025-09-27; obs=249); GBP 238000000 authoritative. (A2 stale-FX/FY refresh, Cowork-approved; basis unchanged).
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Latest disclosed FY2025 (52 weeks ended 27 September 2025): Profit before tax of £238m (FY 2024 £199m) … Profit for the period 177 [million]
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$3.64B
GBP 2,711 million FY2025 ended 2025-09-27 revenue/sales.
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: Source-backed

Market data (listed companies)

Market valuation · fluctuates · not operational scale · do not compare with GMV / system sales. Listed companies only.

MetricValuePeriod / basisQualitySource
Market cap
Public market capitalization captured in the locked source snapshot.
$1.84B
May 22, 2026: Mitchells & Butlers has a market cap or net worth of 1.46 billion as of June 24, 2026. Stock price 245.50 GBX.
Market cap (USD)Scale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · Mitchells & Butlers has a market cap or net worth of 1.46 billion as of June 24, 2026. Stock price 245.50 GBX.
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Market cap (USD)
Precision: Market snapshot · not operational scale
⚠ Do not use for: Market valuation · not operational scale · never compare with GMV/system sales

Operator profile

9/19 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
casual variedS3 supplementary (opens in new tab)
Cuisine (secondary)
not disclosed
Service model
casual diningtier3_reference (opens in new tab)
Price tier
midtertiary (opens in new tab)
Company
Founded
2,003secondary (opens in new tab)
HQ country
United Kingdomsecondary (opens in new tab)
CEO
Phil Urbansecondary (opens in new tab)
Employees
50,000 headcountsecondary (opens in new tab)~
Ownership
Parent
Independent / public-standalone (Mitchells & Butlers plc; LSE:MAB)news/company (opens in new tab)
PE / holding
Odyzean Limited consortium (Joe Lewis's Piedmont, Magnier/McManus's Elpida, Derrick Smith's Smoothfield) — combined ~55% controlling block; consolidated under Odyzean in 2021news (opens in new tab)
Recent M&A
not disclosed
Growth
Revenue YoY
3.8%S1 official primary (opens in new tab)
Pricing & digital
Avg check
not disclosed
Digital sales
not disclosed
Off-premise
not disclosed
Loyalty members
not disclosed
Franchise terms
Royalty
not disclosed
Franchise fee
not disclosed
By-market footprint
Europe
1,631 storesS1 official primary (opens in new tab)

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed10/11 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
1,631 stores
1,631 directly managed pubs, bars and restaurants; 1,718 total sites including franchised and other sites
Source-backedS1 official primary (opens in new tab)
Revenue
$3.6B
GBP 2,711 million FY2025 ended 2025-09-27 revenue/sales.
Source-backedS1 official primary (opens in new tab)
Scale
$3.5B
Company revenue proxy: GBP 2,711 million FY2025 ended 2025-09-27; use with profit and unit context.
Source-backedS1 official primary (opens in new tab)
Company-operated
see brand drilldown
Franchised
see brand drilldown

Brand drilldown

non-additive

Per-brand detail — NOT additive (brands may use different bases / periods) and NOT counted in rankings. Listed for transparency only.

market mab l mitchells butlers plc
Directly-managed vs other split
95.8% directly managed
FY2024 (52 weeks ended 28 Sep 2024)
Source-backedS1 official primary (opens in new tab)
Avg revenue per site
1.51 GBP million/site/year
FY2024 (52 weeks ended 28 Sep 2024)
Source-backedS1 official primary (opens in new tab)
Like-for-like sales growth
5.3%
FY2024 (52 weeks ended 28 Sep 2024)
Source-backedS1 official primary (opens in new tab)
Operating margin
12% (adjusted)
FY2024 (52 weeks ended 28 Sep 2024)
Source-backedS1 official primary (opens in new tab)
Mitchells & Butlers plc
Operating margin
12%
FY2024
Source-backedS1 official primary (opens in new tab)
Food cost %
25.7%
FY2024
Source-backedS1 official primary (opens in new tab)
Labor cost %
36.2%
FY2024
Source-backedS1 official primary (opens in new tab)
Rent cost %
0.4%
FY2024
Source-backedS1 official primary (opens in new tab)

Single-store model

6/8 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
Analyst-derived; estate heterogeneous (incl German Alex + non-managed sites).
~£1.51m per site (£2,610m revenue / 1,726 sites); ~£1.58m per directly-managed site (/1,654).
FY2024 (52 weeks ended 28 Sep 2024)
Source-backedS1 official primary (opens in new tab)
Single-store profit
Group margin, not single-store contribution/EBITDA.
Adjusted operating margin 12.0% (FY2023 9.0%); statutory 11.5%. Adjusted operating profit £312m (+41.2% on 52-wk basis); statutory £300m.
FY2024 (52 weeks ended 28 Sep 2024)
Source-backedS1 official primary (opens in new tab)
Initial investment
No single 'initial investment per site'; acquisitions include freehold property value.
Per-site initial investment NOT disclosed. Total capex £154m. 195 return-generating projects: 178 remodels (£71m), 11 conversions (£10m), 6 acquisitions (£15m); plus £58m maintenance. Indicative avg remodel ~£0.4m (£69m/170 refurb); freehold acquisition ~£3.0m.
FY2024 (52 weeks ended 28 Sep 2024)
Source-backedS1 official primary (opens in new tab)
Franchise fee / royalty
Absence of franchise wording doesn't fully exclude minor concession/licensing in the ~72 non-directly-managed sites.
—
FY2024 (52 weeks ended 28 Sep 2024)
GapS1 official primary (opens in new tab)
Payback period
Return % != payback period.
—
FY2024 (52 weeks ended 28 Sep 2024)
GapS1 official primary (opens in new tab)
Same-store sales
FY2024 LfL benefited from menu price inflation.
LfL sales +5.3% FY2024 (all brands in growth). Quarterly: Q1 +7.7%, Q2 +6.1%, Q3 +3.4%, Q4 +3.4%; H1 +7.0% (food +7.7%, drink +6.0%).
FY2024 (52 weeks ended 28 Sep 2024)
Source-backedS1 official primary (opens in new tab)
Store open / close
FY23 1,718/1,654 directly managed; small YoY movement, not cleanly reconciled.
No clean openings/closures/net table. Year-end 1,726 sites (UK+Germany; FY23 1,718). Additions: 6 acquisitions (4 freehold UK new sites + 2 German Alex) + Pesto Restaurants (10-site Italian estate, May 2024). Net property disposal profit £2m. Sector context ~1% net closures.
FY2024 (52 weeks ended 28 Sep 2024)
Source-backedS1 official primary (opens in new tab)
Company-operated share
Remaining 72 sites not categorised (franchise vs concession vs leased).
1,654 of 1,726 sites directly managed = 95.8% direct; 72 sites (~4.2%) not directly managed (type not broken down - likely franchised/leased/concession).
FY2024 (52 weeks ended 28 Sep 2024)
Source-backedS1 official primary (opens in new tab)

Cost structure

4/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS25.7%
FY2024S1 official primary (opens in new tab)Source-backed
UK pubs. Food GBP670m=25.7/labor GBP946m=36.2/property opex lease GBP11m=0.4 (freehold so understated; +business rates ~3.4%). Adjusted op margin 12.0%; statutory 11.5%.
Labor36.2%
FY2024S1 official primary (opens in new tab)Source-backed
UK pubs. Food GBP670m=25.7/labor GBP946m=36.2/property opex lease GBP11m=0.4 (freehold so understated; +business rates ~3.4%). Adjusted op margin 12.0%; statutory 11.5%.
Rent / occupancy0.4%
FY2024· property operating lease costs only (mostly freehold)S1 official primary (opens in new tab)Source-backed
UK pubs. Food GBP670m=25.7/labor GBP946m=36.2/property opex lease GBP11m=0.4 (freehold so understated; +business rates ~3.4%). Adjusted op margin 12.0%; statutory 11.5%.
Delivery commission—
FY2024Gap
UK pubs. Food GBP670m=25.7/labor GBP946m=36.2/property opex lease GBP11m=0.4 (freehold so understated; +business rates ~3.4%). Adjusted op margin 12.0%; statutory 11.5%.
Marketing—
FY2024Gap
UK pubs. Food GBP670m=25.7/labor GBP946m=36.2/property opex lease GBP11m=0.4 (freehold so understated; +business rates ~3.4%). Adjusted op margin 12.0%; statutory 11.5%.
Operating margin12%
FY2024· group_adjustedS1 official primary (opens in new tab)Source-backed
UK pubs. Food GBP670m=25.7/labor GBP946m=36.2/property opex lease GBP11m=0.4 (freehold so understated; +business rates ~3.4%). Adjusted op margin 12.0%; statutory 11.5%.
Not separately disclosed25.7%

Supply chain

4 suppliers · 4 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

Britvic (Britannia Soft Drinks Limited)LON:BVIC (acquired by Carlsberg Jan-2025; Carlsberg = CPH:CARL-B)
Ingredients
discloses as: Mitchells & Butlers plc
—named (no % disclosed)S1 filingsource (opens in new tab)
Carlsberg-Tetley (Carlsberg UK / Carlsberg Group)CPH:CARL-B
Ingredients
discloses as: Mitchells & Butlers plc
—named (no % disclosed)S1 filingsource (opens in new tab)
Coors Brewers Limited (later Molson Coors)NYSE:TAP
Ingredients
discloses as: Mitchells & Butlers plc
—named (no % disclosed)S1 filingsource (opens in new tab)
Interbrew UK Holdings Limited (later InBev / Anheuser-Busch InBev)BRU:ABI
Ingredients
discloses as: Mitchells & Butlers plc
—named (no % disclosed)S1 filingsource (opens in new tab)

Peers in this segment

J D Wetherspoon plcCompany-operated revenue (proxy)

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.