Mitchells & Butlers

What Mitchells & Butlers does

Mitchells & Butlers plc is a UK-listed managed pub and restaurant operator founded in 1898 and headquartered in Birmingham. The company runs 1,712 sites across the United Kingdom and Germany, of which 1,638 are directly managed, employing approximately 48,000 people under a portfolio of established brands including Toby Carvery (value carvery), Harvester (family pub restaurants with salad bars), Miller & Carter Steakhouse (premium steak), All Bar One (urban bar), and the Horseshoe Bar in Glasgow.

The business model is a direct-to-consumer physical retail model. Revenue is generated at point of sale from food and beverage sales across the estate, with no SaaS, subscription, or licensing component. Pricing is unit-based on menu items; an average 3.2% menu price increase was implemented in October 2025, with steak prices at Miller & Carter raised approximately 30% to mitigate an anticipated £130 million FY2026 cost headwind. Reported FY2025 revenue was £2.71 billion and H1 2026 revenue was £1.49 billion. Pre-tax profit of £238 million in FY2025 was up 20% year-over-year, and operating margin reached 12.2%. The customer base is broad-based UK and German diners, segmented horizontally across value, family, premium, and bar occasions, with no named enterprise or wholesale customers disclosed.

Name

Mitchells & Butlers

Legal name

Mitchells & Butlers Plc

Website

https://mbplc.com

Company type

Public

Founded year

1898

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Mitchells & Butlers operates 1,712 managed pubs and restaurants across the UK and Germany under brands including Toby Carvery, Harvester, Miller & Carter Steakhouse, and All Bar One, generating approximately £2.71 billion in annual revenue from direct-to-consumer dining.

Ownership category

akta.pro rank

Product category

Casual Dining and Pub Hospitality Services

NAICS

Full-Service Restaurants (722511), Drinking Places (Alcoholic Beverages) (722410)

SIC

Retail-Eating & Drinking Places (5810)

akta.pro primary industry

Craft Beer Bars & Taprooms (THAFAEAG)

akta.pro secondary industry

Neighborhood Bars & Taverns (CRANACAA)

Keywords

• Pub and restaurant operations
• Managed pub estate
• Casual dining services
• Carvery and steakhouse dining
• UK hospitality services

Headquarters

HQ city

Birmingham

HQ country

United Kingdom

HQ region

Europe

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Food and Beverage Sales: Direct sales of food and beverages to consumers across their pub and restaurant estate. Revenue generated from table service, bar sales, and takeaway/collection services at their branded venues.
2. Dining Experience: Revenue from carvery meals, steaks, and pub food served across Toby Carvery, Harvester, Miller & Carter and other branded sites. Menu price increases of 3.2% average have been implemented to address cost inflation.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Mitchells & Butlers operates a managed estate of 1,712 pubs and restaurants across the United Kingdom and Germany, with 1,638 sites directly managed. The company serves food and beverages to consumers through a portfolio of branded venues including Toby Carvery, Harvester, Miller & Carter Steakhouse, All Bar One, and the Horseshoe Bar, spanning value carvery, family dining, premium steakhouse, and urban bar concepts.

Product overview

Mitchells & Butlers operates a portfolio of pub and restaurant brands across the UK and Germany, encompassing approximately 1,712 sites. The company's product offering consists of multiple distinct sub-brands including Toby Carvery (value carvery dining), Harvester (family-oriented pub restaurants with salad bars), All Bar One (urban bar concept), Miller & Carter Steakhouse (premium steakhouse dining), and The Horseshoe Bar (historic Glasgow venue). The brands range from casual family dining to premium dining experiences, unified under the company's managed estate model.

Differentiator

Problem solved

Functional benefit

Brands

• Toby Carvery: Carvery-style pub restaurant chain offering roast dinners
• Harvester
• All Bar One
• Miller & Carter Steakhouse
• Horseshoe Bar

Products and services

• Toby Carvery
• Harvester
• All Bar One
• Miller & Carter Steakhouse
• Horseshoe Bar

Quantifiable outcome

• Like-for-like sales growth of 4.3% for FY2025
• +4 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators10 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Greene King: Greene King is a major UK pub retailer and brewer with managed and tenanted pubs plus food-led brands (e.g., Hungry Horse, Farmhouse Inns), offering a comparable mix of branded food pubs to Mitchells & Butlers.
• The Restaurant Group: The Restaurant Group operates UK casual dining brands including Wagamama and Frankie & Benny's, comparable to Mitchells & Butlers' multi-brand casual dining strategy and UK national footprint.
• Fuller, Smith & Turner: Fuller, Smith & Turner is a UK pub and hotel operator with a managed estate of food-led pubs, comparable to Mitchells & Butlers' premium pub restaurant brands and central London focus.
• Whitbread plc: Whitbread operates UK restaurant brands (Beefeater, Brewers Fayre, Table Table) alongside Premier Inn hotels, directly comparable to Mitchells & Butlers' full-service restaurant brands like Toby Carvery, Harvester, and Miller & Carter.
• Stonegate Pub Company: Stonegate is a major UK pub operator (private, owned by TDR Capital) with over 4,000 managed and leased sites including food-led brands comparable in scale and concept to Mitchells & Butlers' estate.
• Loungers plc: Loungers operates all-day dining and bar concepts (Lounge and Cosy Club) across the UK, directly comparable to Mitchells & Butlers' casual and urban bar brands such as All Bar One.
• Revolution Bars Group: Revolution Bars Group operates late-night bars and casual dining venues across the UK, directly comparable to Mitchells & Butlers' All Bar One urban bar and casual dining segment.
• Marston's plc: Marston's is a UK pub and restaurant operator with both managed and tenanted estates, directly comparable to Mitchells & Butlers' managed pub-restaurant model and UK market exposure.
• JD Wetherspoon: JD Wetherspoon operates a large UK pub estate with food-led offerings, directly comparable to Mitchells & Butlers in terms of multi-site pub/restaurant operations, value-oriented dining, and UK-focused footprint.

Regional players

• Block House: Block House is a German steakhouse chain, comparable to Mitchells & Butlers' Miller & Carter Steakhouse brand within M&B's German operating geography.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/eatdrinkmb

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mitchells & Butlers