Pub chain Mitchells & Butlers raises £350m
The owner of Harvester restaurants and Nicholson’s pubs plans to raise £350m from a group of tycoons known as the “Sandy Lane set” after it came close to breaching the terms on its debts.
Mitchells & Butlers said it had agreed the equity raise with three investment holding companies as part of a £500m rescue package that also included a £150m three-year loan facility.
The rescue investors include the currency trader Joe Lewis, the Irish billionaires and horse racing tycoons John Magnier and JP McManus, and Derrick Smith, another businessman with horse racing interests. They are known collectively as the “Sandy Lane set”, after the glamorous Barbados hotel where they liked to gather.
The investors will merge their various investment vehicles in one company, called Odyzean, in a structure that will give them majority control.
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JLR aims to become carbon net zero by 2039 in electric push
Jaguar Land Rover, the UK-based manufacturer, will produce only electric models under its Jaguar brand as part of a set of sweeping changes brought in by its new chief executive.
Tata, JLR’s Indian owner, says the UK business will aim to produce net zero carbon emissions by 2039 as it gradually produces all-electric versions for all of its models across both Jaguar and Land Rover by 2030.
JLR will also “substantially reduce and rationalise” non-manufacturing infrastructure in the UK, Tata said. It was not immediately clear how many job losses were planned.
Thierry Bolloré, a former boss of France’s Renault, was appointed as chief executive of JLR in July. Although the company returned to profit in the last quarter of 2020, he faced the task of accelerating its move to battery electric vehicles to meet the UK government’s planned ban on pure internal combustion engine cars in 2030.
JLR will also be able to explore potential new business opportunities around clean energy and connected services, Tata said. Both areas are expected to grow rapidly as electric vehicle ownership expands.