Mitchells & Butlers (LON:MAB) has sold its non-core Hollywood Bowl business and associated assets for approximately £39m. The company will sell the chain of 24 ten-pin bowling venues for £27m in cash, and it expects to sell its remaining freehold property interests, in four of the sites, for at least £12m.
"This further disposal of non core assets is another important step towards focusing the business on our market leading growth brands," Mitchells & Butlers chief executive Adam Fowle commented.
The initial £27m transaction is expected to complete on 13 August 2010.
Mitchells & Butlers is one of Britain’s largest pub companies, and its portfolio of brands include Harvester, Toby Carvery, Vintage Inns, Premium Country Dining Group, Crown Carveries, Sizzling Pub Co., Browns, Miller & Carter, Metro Professionals, All Bar One, Nicholson's and O'Neill's.
Last month, Mitchells & Butlers agreed the sale of the majority of its lodge business, plus the sale and leaseback of eight pubs, for £91m in total.
Disclosure: The author holds no positions in the company