QuickView: Prelims - dividend not lightly restored
Mitchells & Butlers (M&B) has not paid a dividend since 2008, and its resumption has been extensively discussed, planned and considered for sustainability. Arguably the bellwether of the UK pub industry, its return to the dividend list now broadens its potential investment appeal. This is the opportunity for investors who believe M&B is capable of closing the 30% valuation gap to peers, although no one should expect that to be quick.Mitchells & Butlers is an operator of managed pubs and restaurants. Co.'s portfolio of brands and formats include Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium Country Pubs, Sizzling Pubs, Crown Carveries, Stonehouse, Vintage Inns, Browns, Castle, Nicholson's, O'Neill's and Ember Inns. In addition, Co. operates Innkeeper's Lodge hotels in the U.K. and Alex restaurants and bars in Germany. Co. operates in two segments: the retail operating business, which operates all of Co.'s retail operating units; and the property business, which holds Co.'s freehold and long leasehold property portfolio.
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