This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.theguardian.com/business/2015/sep/22/mitchells-butlers-chief-executive-alistair-darby

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Mitchells & Butlers calls time on chief executive Alistair Darby Mitchells & Butlers calls time on chief executive Alistair Darby
(35 minutes later)
All Bar One and Harvester owner Mitchells & Butlers has called time on chief executive Alistair Darby after a washout summer forced it to warn over profits. All Bar One and Harvester owner Mitchells & Butlers has called time on its chief executive, Alistair Darby, after a washout summer forced the pub and restaurant group to issue a profits warning.
Darby will leave the group this weekend with a year’s salary of £543,500 as a payout, but is unlikely to receive an annual bonus with performance targets not expected to be achieved.Darby will leave the group this weekend with a year’s salary of £543,500 as a payout, but is unlikely to receive an annual bonus with performance targets not expected to be achieved.
He will be replaced by Phil Urban, who joined as chief operating officer in January from Grosvenor Casinos, and previously ran Whitbread’s pub restaurants division. His salary will be £510,000. He will be replaced by Phil Urban, who joined as chief operating officer in January from Grosvenor Casinos and previously ran Whitbread’s pub restaurants division. His salary will be £510,000.
Mitchells said like-for-like sales were up 1% in the 50 weeks to 12 September, although they fell 0.7% in the final seven weeks.Mitchells said like-for-like sales were up 1% in the 50 weeks to 12 September, although they fell 0.7% in the final seven weeks.
“The UK eating and drinking out market has been subdued in the summer, leading to a slight slowdown in the rate of sales growth, exacerbated by the wet weather,” the Birmingham-based group said.“The UK eating and drinking out market has been subdued in the summer, leading to a slight slowdown in the rate of sales growth, exacerbated by the wet weather,” the Birmingham-based group said.
Results for the year to 26 September were expected to show growth on last year “although, on the basis of this recent trading, to be at the bottom end of the range of current market expectations”. Shares fell 3%.Results for the year to 26 September were expected to show growth on last year “although, on the basis of this recent trading, to be at the bottom end of the range of current market expectations”. Shares fell 3%.
Despite the slow market, the company said it was “confident in our ability to meet the challenges of high consumer expectations and forthcoming cost pressures”.Despite the slow market, the company said it was “confident in our ability to meet the challenges of high consumer expectations and forthcoming cost pressures”.
Food like-for-like sales were up by 2.1% in the 50-week period, though down by 0.2% over the summer. Drink sales were 1.4% lower in the most recent seven weeks.Food like-for-like sales were up by 2.1% in the 50-week period, though down by 0.2% over the summer. Drink sales were 1.4% lower in the most recent seven weeks.
Darby leaves on Saturday after three years in the role.Darby leaves on Saturday after three years in the role.
His tenure has been challenging, with profits last year falling 13.4% to £123m.His tenure has been challenging, with profits last year falling 13.4% to £123m.
Chairman Bob Ivell said: “The non-executive directors have considered the issue of the leadership of M&B very carefully and are delighted to announce Phil’s appointment.Chairman Bob Ivell said: “The non-executive directors have considered the issue of the leadership of M&B very carefully and are delighted to announce Phil’s appointment.
“The board recognises the significant contribution made by Alistair as chief executive over the past three years, is grateful to him for bringing the business to a stronger position, and wishes him well in the future.”“The board recognises the significant contribution made by Alistair as chief executive over the past three years, is grateful to him for bringing the business to a stronger position, and wishes him well in the future.”
Mitchells operates around 1,700 restaurants and pubs in the UK under brands also including Toby Carvery, Oak Tree Pubs, Browns and O’Neill’s. It employs more than 43,000 people.Mitchells operates around 1,700 restaurants and pubs in the UK under brands also including Toby Carvery, Oak Tree Pubs, Browns and O’Neill’s. It employs more than 43,000 people.