Pubs chain M&B hit by doubling of energy bills
Pubs chain Mitchells & Butlers expects its total energy and utility costs to be almost twice as much as it paid in 2019.
In a trading update the company said its energy bills for 2022 will increase to c.£150m from £80m three years ago, and even with the cap in place it anticipates a further increase on that for FY 2023.
“That is despite several initiatives underway to reduce our ongoing energy usage, including greater focus and review at a site level on energy efficiency, combined with investment initiatives such as the installation of voltage optimisers.
“We have currently bought forward approximately 20% of our requirements for the next financial year.”
Total sales have declined by 1.3% in the year driven mainly by temporary covid-related closures in the first part of the year and site disposals since FY 2019 .