UK Pub operator Mitchells & Butlers cuts 1,300 jobs as COVID-19 pushes it to annual loss

Pub operator Mitchells & Butlers on Thursday reported it had swung to an annual loss and said it had cut 1,300 jobs as it could no longer support them due to store closures and reduced levels of activity.

The company, which employs about 44,000 people in about 1,700 restaurants and pubs across the UK, said property valuation and impairment review has resulted in an overall decrease in its book value of 208 million pounds.