DOCSLIB.ORG

Annual Report and Accounts 2017 | Mitchells & Butlers Plc | 1 All Bar One, Leicester Square, Reopened Late in 2016

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report and Accounts 2017 | Mitchells & Butlers Plc | 1 All Bar One, Leicester Square, Reopened Late in 2016 ANNUAL REPORT AND ACCOUNTS 2 0 1 7 Contents Financial highlights Strategic report Revenue £m 1 Welcome to Mitchells & Butlers 10 Chairman’s statement £2,180m 12 Mitchells & Butlers at a glance 2017** 2,180 14 Chief Executive’s business review 18 Our markets 2016 2,086 20 Our business model 2015 2,101 22 Our strategy 2014 1,970 24 Our strategy in action 28 Key performance indicators 2013 1,895 30 Corporate social responsibility 36 Risks and uncertainties 41 Financial review Adjusted* operating profit £m Governance 45 Chairman’s introduction to Governance £314m 46 Board of Directors 2017** 314 48 Directors’ report 54 Directors’ responsibilities statement 2016 318 55 Corporate governance statement 2015 328 62 Audit Committee report 2014 313 66 Report on Directors’ remuneration Financial statements 2013 310 89 Independent auditor’s report to the members of Mitchells & Butlers plc 96 Group income statement Adjusted* earnings per share pence 97 Group statement of comprehensive income 98 Group balance sheet 3 4 . 9 p 99 Group statement of changes in equity 100 Group cash flow statement 2017** 34.9 101 Notes to the financial statements 2016 34.9 134 Five year review 2015 35.7 135 Company financial statements 137 Notes to the Company financial statements 2014 32.6 Other information 2013 32.2 140 Alternative performance measures 143 Shareholder information * The Directors use a number of alternative performance measures (APMs) that are considered critical to aid understanding of the Group’s performance. Key measures are explained on pages 140 to 142 of this report. ** FY 2017 was a 53 week year. Financial review See pages 41 to 43 Welcome to Mitchells & Butlers We are a leading operator of managed STRATEGIC REPORT pubs and restaurants. Our strong portfolio of brands and formats includes Harvester, 1 T Toby Carvery, All Bar One, Miller & Carter, O 43 Premium Country Pubs, Sizzling Pubs, Crown Carveries, Stonehouse, Vintage Inns, Browns, Castle, Nicholson’s, O’Neill’s and Ember Inns. GOVERNANCE 44 In addition, we operate Innkeeper’s Lodge T O hotels in the UK and Alex restaurants and 8 bars in Germany. 7 Over the last year we have invested £169m on both premiumising our offers and improving FINANCIAL S the amenity for our guests. This, along with TATEMENTS 88 our continued focus on offering excellent guest experiences, has resulted in strong T O 1 market outperformance. 39 OTHER I NFORMATION 140 T O 1 DON’T JUST TAKE 44 OUR WORD FOR IT. THIS IS WHAT OUR CUSTOMERS THINK… Annual report and accounts 2017 | Mitchells & Butlers plc | 1 All Bar One, Leicester Square, reopened late in 2016. The bar is full of style, with vibrant décor and comfortable surroundings split over two floors. The first floor features the main bar, well stocked with our ever-changing wine cellar and collection of perfectly crafted cocktails as well as our Espresso Coffee Bar with lounge style seating. The upstairs mezzanine is perfect to look out on the bustling Leicester Square, with relaxed seating, open plan kitchen and a second cocktail bar. 2 | Mitchells & Butlers plc | Annual report and accounts 2017 STRATEGIC REPORT 1 TO 43 GOVERNANCE 44 TO 87 | Mitchells & Butlers plc | 3 FINANCIAL STATEMENTS 88 Annual report and accounts 2017 TO 139 OTHER INFORMATION 140 TO 144 More customer feedback customer More EXCELLENT.” ALL ONE BAR LEICESTER SQUARE SERVICE WAS SERVICE TRAIN. THE LONDON MISSED OUR LUNCH HAVING HAVING LUNCH FOR A QUICKFOR “WE NIPPED IN“WE NIPPED 4 | Mitchells & Butlers plc | Annual report and accounts 2017 “IT’S OUR REGULAR STRATEGIC REPORT POST-WORK HAUNT. WE LOVE TRYING THE 1 TO 43 SELECTION OF ALES GOVERNANCE 44 WHILE PUTTING THE TO WORLD TO RIGHTS!” 87 THE BLACKFRIAR LONDON FINANCIAL STATEMENTS 88 TO 139 OTHER INFORMATION 140 TO The Blackfriar, part of our Nicholson’s collection 144 of historic city centre pubs, is an historic art nouveau grade II masterpiece of a pub built in 1875 on the site of a Dominican friary. The building was designed by architect H. Fuller-Clark and artist Henry Poole, both committed to the free-thinking of the arts and crafts movement. Jolly friars appear everywhere in the pub in sculptures, mosaics and reliefs. It is fortunate that the pub is still here as it was saved from demolition in the More customer feedback 1960s by a campaign led by Sir John Betjeman, the former poet laureate. Annual report and accounts 2017 | Mitchells & Butlers plc | 5 The Ferry Pub and Restaurant, Cookham, is nestled in an idyllic location on the banks of the River Thames. Whether you pop in for a refreshing pint on a summer’s day, a scrumptious Sunday roast, or a delicious three- course meal in truly special surroundings, you’re sure to leave with a smile on your face. With a diverse selection of carefully developed menus, you’ll find everything from tasty light bites and devilish desserts, through to hearty pub food and tempting sharing platters. 6 | Mitchells & Butlers plc | Annual report and accounts 2017 STRATEGIC REPORT 1 TO 43 GOVERNANCE 44 TO 87 | Mitchells & Butlers plc | 7 FINANCIAL STATEMENTS 88 Annual report and accounts 2017 TO 139 OTHER INFORMATION 140 TO 144 More customer feedback customer More COOKHAM FOOD IS GREAT.” IS FOOD THE PUB FERRY AND RESTAURANT THE CHOICE OF CHOICE THE IS STUNNING AND STUNNING IS A MONTH. THE VIEW THE A MONTH. A CATCH-UP ONCE A CATCH-UP “WE MEET HERE FOR“WE HERE MEET The Crown & Greyhound in South London reopened in June 2017 following an extensive refurbishment and extension. It offers a relaxed lunch, an indulgent dinner or lazy brunch, with an enticing and flavoursome menu, focusing on provenance, local suppliers and the freshest of British seasonal ingredients. Its diverse and explorative drinks range includes well-kept cask ales, craft beers, premium lagers and ciders, a seriously seductive wine list and an exceptional selection of artisan spirits – all served in a laid-back yet vibrant pub atmosphere, complete with authentic interior, outdoor barbecue area and delightful urban beer garden. More customer feedback 8 | Mitchells & Butlers plc | Annual report and accounts 2017 STRATEGIC REPORT 1 TO 43 GOVERNANCE 44 TO 87 | Mitchells & Butlers plc | 9 FINANCIAL STATEMENTS 88 Annual report and accounts 2017 TO 139 OTHER INFORMATION 140 TO 144 DULWICH DULWICH WORLD GO BY.” GO WORLD THE & GREYHOUND CROWN JUST TO WATCH THE WATCH TO JUST WALK. IT’S LOVELY LOVELY IT’S WALK. STOP ON OUR DAILY DAILY OUR ON STOP “IT’S OUR REGULAR OUR “IT’S Chairman’s statement BUILDING MOMENTUM THROUGH STRATEGIC F O C U S I am delighted that we have returned the Group to like-for-like sales growth and are performing ahead of the market. Bob Ivell Chairman 10 | Mitchells & Butlers plc | Annual report and accounts 2017 This year we have achieved strong progress Operational highlights STRATEGIC REPORT against the strategic priorities that we identified despite a challenging and uncertain environment. Number of managed sites (at year end) Through this strategic focus we have increased our market share, evidenced through our 1 , 6 9 5 a like-for-like sales outperformance of the market 2017 1,695 this year and have taken steps to position the 1 T Group well for the year ahead. 2016 1,768 O 43 I am delighted by the increasing momentum in our sales performance 2015 1,779 during a period which has seen mixed results across the sector. The cost headwinds facing the industry have impacted profits as we expected 2014 1,775 and our adjusted earnings per sharea were down 1.4% as a result. 2013 1,589 However, I am encouraged by the results across the business which GOVERNANCE 44 show success in the steps being taken to better position the Group in the evolving market. This year the Directors are recommending the payment of a final dividend Average weekly sales per pub (£k) of 5.0p per share making a total of 7.5p for the year. Given the uncertain macro environment it is our intention going forward to determine a full T O year dividend paid only in the form of a final dividend dependent on £23.7k 8 7 several factors including both current performance and future prospects. 2017 23.7 On behalf of the Board I would like to thank our 46,000 people across 2016 22.7 the business, without whom the progress made over the course of the year would not be possible. Now, more than ever, our people are 2015 22.6 demonstrating the ability to adapt to the ever-changing environment we operate in, all the while continuing to delight guests and offer 2014 23.2 great experiences. FINANCIAL 2013 22.9 We take our responsibilities to pensioners seriously. In July we reached an agreement on the 2016 triennial pensions valuation with the scheme S trustees. This resulted in an unchanged level of cash contributions TATEMENTS 88 through to 2023 to eliminate the scheme deficit with a potential additional Food sales as a % of total sales payment of £13m to be made into escrow in 2024 should further funds be required then. I am delighted that we reached a positive agreement for both the Group and the trustees. 5 1 % 2017 51 T There have been no changes to the Board during the year. I remain O 1 pleased with its composition and I believe we have the right balance 2016 51 39 OTHER of skills to drive the business forward. Our market continues to be challenged by increasing external cost 2015 51 headwinds and macro uncertainty. In this context, we shall remain 2014 51 focused on the identified strategic priorities which best position the 2013 51 Group to grow long-term shareholder value.
Load more

Recommended publications
  • Differences in Energy and Nutritional Content of Menu Items Served By
    RESEARCH ARTICLE Differences in energy and nutritional content of menu items served by popular UK chain restaurants with versus without voluntary menu labelling: A cross-sectional study ☯ ☯ Dolly R. Z. TheisID *, Jean AdamsID Centre for Diet and Activity Research, MRC Epidemiology Unit, University of Cambridge, Cambridge, United a1111111111 Kingdom a1111111111 ☯ These authors contributed equally to this work. a1111111111 * [email protected] a1111111111 a1111111111 Abstract Background OPEN ACCESS Poor diet is a leading driver of obesity and morbidity. One possible contributor is increased Citation: Theis DRZ, Adams J (2019) Differences consumption of foods from out of home establishments, which tend to be high in energy den- in energy and nutritional content of menu items sity and portion size. A number of out of home establishments voluntarily provide consumers served by popular UK chain restaurants with with nutritional information through menu labelling. The aim of this study was to determine versus without voluntary menu labelling: A cross- whether there are differences in the energy and nutritional content of menu items served by sectional study. PLoS ONE 14(10): e0222773. https://doi.org/10.1371/journal.pone.0222773 popular UK restaurants with versus without voluntary menu labelling. Editor: Zhifeng Gao, University of Florida, UNITED STATES Methods and findings Received: February 8, 2019 We identified the 100 most popular UK restaurant chains by sales and searched their web- sites for energy and nutritional information on items served in March-April 2018. We estab- Accepted: September 6, 2019 lished whether or not restaurants provided voluntary menu labelling by telephoning head Published: October 16, 2019 offices, visiting outlets and sourcing up-to-date copies of menus.
    [Show full text]
  • Download Restaurants Fast Food Sector Sheet
    The following are examples of projects we have recently completed KFC Restaurants Nationwide RBC have provided building control services for over 600 projects over 12 years for KFC and franchisee restaurants, working alongside their approved list of architects. These projects have ranged from new build drive-thru restaurants to high street fit-outs and refurbishments. RBC have assisted in the development of new build model types for national roll out across the country. Restaurants – Fast Food Restaurants Burger King Nationwide RBC have worked on numerous fit-outs and refurbishments of retail units to form new and updated restaurants. A number of these have been in existing shopping centres where we have worked closely with the centre management and local fire service to ensure that the existing fire strategies for these centres are maintained with the introduction of the new restaurant units. Pizza Hut Nationwide We have worked on over 20 projects with a number of franchisees, providing building control services for the internal refurbishment and alterations of existing high street units to form new Pizza Hut and Pizza Hut Express restaurants. A selection of projects in the Restaurants - Fast Food sector PROJECT DESCRIPTION CLIENT Starbucks Internal fit out and associated building works to stores @Architects in England and Wales Frank Belshaw Design Costa Coffee Working on a number of new build and fit-out Street Eite Associates store openings PEP Project Management Fuel Juice Bars National franchised new store expansion programme Sale Property Consultants throughout England and Wales Railston Ltd Fuel Juice Bars Ltd Taco Bell Restaurants RBC have worked alongside a major franchisee on a InHaus Solutions Ltd number of new store openings Restaurants – Fast Food Restaurants Beefeater/Harvester Working on over 94 projects for internal Hone Edwards Restaurants refurbishments nationwide Associates East Beach Café New beach front café to replace existing kiosk Heatherwick Studio Litttlehampton, Sussex Baskin & Robbins Fit-outs for 2no.
    [Show full text]
  • Annual Report and Accounts
    2 0 1 4 Annual Report and Accounts www.mbplc.com Mitchells & Butlers plc Annual Report and Accounts 2014 Mitchells & Butlers plc is Our strategy to achieve this a member of the FTSE 250 vision has five key elements: and runs some of the UK’s •• Focus•the•business•on•the•most• best-loved restaurant and pub attractive•market•spaces•within• brands including All Bar One, eating•and•drinking•out Harvester, Toby Carvery, •• Develop•superior•brand• Browns, Vintage Inns and propositions•with•high•levels•• Sizzling Pubs. Our vision is to of•consumer•relevance run businesses that guests love •• Recruit,•retain•and•develop• to eat and drink in, and as a engaged•people•who•deliver• result grow shareholder value. excellent•service•for•our•guests •• Generate•high•returns•on• investment•through•scale• advantage •• Maintain•a•sound•financial•base Strategic report 2–33 Contents Strategic report 2 2014 Highlights 3 Chairman’s statement 4 Mitchells & Butlers at a glance Chief Executive’s statement Page 6 Governance Governance 35 Chairman’s introduction to Governance 36 Board of Directors 34–66 38 Directors’ report 6 Chief Executive’s statement 42 Directors’ responsibilities statement 8 Our market 43 Corporate governance statement 10 Our business model 48 Audit Committee report 12 Our strategy 50 Report on Directors’ remuneration 14 Our strategy in action 18 Risks and uncertainties 22 Key performance indicators Financial statements 24 Business review 68 Independent auditor’s report to the 26 Corporate social responsibility members of Mitchells & Butlers
    [Show full text]
  • Pubs and Places: the Social Value of Community Pubs CONTENTS
    REPORT PUBS AND PLACES THE SOCIAL VALUE OF COMMUNITY PUBS Rick Muir January 2012 Second edition © IPPR 2012 Institute for Public Policy Research PUBS AND PLACES The social value of community pubs Rick Muir Second edition, 2012 ABOUT THE AUTHOR Rick Muir is associate director for public service reform at IPPR. ACKNOWLEDGMENTS IPPR would like to thank the Campaign for Real Ale (CAMRA) for their generous support of this project. The author would like to thank all those who contributed to his thinking during the course of the research, in particular Guy Lodge, Mike Benner, Jonathan Mail, Michael Kenny, Gill Gibson, Ruth Sheldon, Naomi Jones, Matthew Lockwood, Tony Dolphin, Karl Hallam, John Pritchard, John Grogan and Greg Mulholland. Thanks are due to my IPPR colleague Jonathan Clifton, who wrote chapter 4 for this revised second edition. I also wish to thank you to all those pub regulars and licensees who took the time to talk to me during the course of the research. Any omissions and errors remain the author’s, and the report’s analysis and recommendations do not necessarily represent the views of the project’s supporters. ABOUT IPPR IPPR, the Institute for Public Policy Research, is the UK’s leading progressive thinktank. We produce rigorous research and innovative policy ideas for a fair, democratic and sustainable world. We are open and independent in how we work, and with offices in London and the North of England, IPPR spans a full range of local and national policy debates. Our international partnerships extend IPPR’s influence and reputation across the world.
    [Show full text]
  • Yummy.WHERE to DINE in CUMBERLAND GALLERIA VININGS
    yummy.WHERE TO DINE IN CUMBERLAND . GALLERIA . VININGS Welcome to Cobb County, Atlanta’s sweet spot. We are excited to have you. During your stay you will find a variety of restaurants and many eateries in the Cumberland Galleria area. If you and a friend or a group are looking for great food, all of these locations are ready to serve you and look forward to making your dining experience an enjoyable one. Venture out and experience the tastes. Corresponding restaurants are listed on the back. 16 Windy Hill Road North on Cobb Pkwy/41 37 36 40 33 21 20 42 41 27 24 50 14 49 25 45 12 1 46 59 23 60 31 30 1 2 3 8 58 48 47 35 55 53 17 18 29 28 57 22 61 39 10 7 6 19 56 5 15 38 43 11 51 9 32 13 44 To Vinings 4 34 62 54 52 26 Corresponding restaurants are listed on the back. For more restaurant listings, sweet deals and what to do while visiting Cobb County, check out our website www.travelcobb.org. Restaurant Listing 1. Applebee’s 35. P.F. Chang’s 2. Big Chow Grill 36. Pappadeaux Seafood Kitchen 3. Buckhead Pizza Company 37. Pappasitos’s Cantina 4. C&S Seafood and Oyster Bar 38. Pizza Hut 5. Carrabba’s 39. Pollo Tropical 6. Chick-fil-a 40. Ray’s On The River 7. Chipotle Mexican Grill 41. Red Lobster 8. Cinco’s Mexican Cantina 42. Scalini’s 9. Copeland’s of New Orleans 43.
    [Show full text]
  • Restaurants, Takeaways and Food Delivery Apps
    Restaurants, takeaways and food delivery apps YouGov analysis of British dining habits Contents Introduction 03 Britain’s favourite restaurants (by region) 04 Customer rankings: advocacy, value 06 for money and most improved Profile of takeaway and restaurant 10 regulars The rise of delivery apps 14 Conclusion 16 The tools behind the research 18 +44 (0) 20 7012 6000 ◼ yougov.co.uk ◼ [email protected] 2 Introduction The dining sector is big business in Britain. Nine per cent of the nation eat at a restaurant and order a takeaway at least weekly, with around a quarter of Brits doing both at least once a month. Only 2% of the nation say they never order a takeaway or dine out. Takeaway trends How often do you buy food from a takeaway food outlet, and not eat in the outlet itself? For example, you consume the food at home or elsewhere Takeaway Weekly or Monthly or several Frequency more often times per month Less often Never Weekly or more often 9% 6% 4% 1% Monthly or several times per month 6% 24% 12% 4% Eat out Eat Less often 3% 8% 14% 4% Never 0% 1% 1% 2% (Don’t know = 2%) This paper explores British dining habits: which brands are impressing frequent diners, who’s using food delivery apps, and which restaurants are perceived as offering good quality fare and value for money. +44 (0) 20 7012 6000 ◼ yougov.co.uk ◼ [email protected] 3 02 I Britain’s favourite restaurants (by region) +44 (0) 20 7012 6000 ◼ yougov.co.uk ◼ [email protected] 4 02 I Britain’s favourite restaurants (by region) This map of Britain is based on Ratings data and shows which brands are significantly more popular in certain regions.
    [Show full text]
  • Butt Foods Vegan Snapshot UPDATED 11 05 18
    SNAPSHOT OF THE GROWING VEGAN SCENE IN THE UK The rise of veganism in the UK and what it may mean for foodservice opportunities From being seen as niche and ‘quirky’ even just ten years ago, veganism is now more popular than ever across the UK. Driven primarily by younger people responding to growing fears over personal health, animal welfare and climate change – and fuelled by campaigns such as the annual Veganuary – the growing interest and participation in veganism looks set to continue. As ever, for foodservice operators, the vegan movement represents both a challenge and an opportunity. Either way, it can’t be ignored. Veganism is Most trend forecasters and market analysts agree that the era of mainstream becoming more veganism has arrived. Growing out of its perceived eccentric origins, and latterly its mainstream and trendy, ‘metropolitan hipster' cache, the increasingly wide interest in the vegan way less niche. of eating is fuelled by a variety of powerful – and highly topical – consumer motives and supported by a burgeoning industry of crowd-funded new business start-ups, cookbooks, Youtube channels, social media and events. But to properly understand the growth it’s important to recognise that it’s largely a ground-up movement, driven mainly by under-35s, and their motivations suggest that this is sustainable growth. "1 of "15 What’s a vegan? Like vegetarians, vegans have cut all meat and fish from their diet, but they go a step further and also exclude any products of animal origin, such as milk, cheese, eggs and honey. More than 860,000 of all vegetarians and vegans also avoid all non- dietary animal products such as leather and wool.! ! The vegan ‘halo effect’ Demand is being It’s interesting to note that, beyond the core of declared vegans, there seems to be a driven not only by growing ‘halo’ of consumers who are not actually vegans themselves, but exhibit declared vegans, but by non-vegans vegan buying behaviour from time to time.
    [Show full text]
  • Mitchells and Butlers
    Mitchells & Butlers plc Mitchells & Butlers online Mitchells & Butlers’ comprehensive website gives you fast, direct access to a wide range of Company information. brands • Downloadable Annual report and accounts people • Latest investor news and press releases • Brand news and offers • Responsibility policies and Annual report and accounts 2010 Annual review love • Find a local pub and restaurant • Sign up for latest news Visit www.mbplc.com for more information. Our brands All of our popular brands have their own websites, helping our customers to fi nd the information they need straight away. Latest food and drink menus, news and offers, email newsletters and details of new openings are all available. Annual report and accounts 2010 Harvester Vintage Inns Toby Carvery www.harvester.co.uk www.vintageinn.co.uk www.tobycarvery.co.uk Premium Country Dining Group Sizzling Pub Co. Crown Carveries A collection of attractive individual www.sizzlingpubs.co.uk www.crowncarveries.co.uk pubs each with their own website, for example www.saxonmill.co.uk Mitchells & Butlers plc 27 Fleet Street Birmingham B3 1JP Tel: +44 (0) 870 609 3000 Fax: +44 (0) 121 233 2246 www.mbplc.com Overview Excellent progress Glossary brands has been made against our strategic goal to people turn Mitchells & Butlers into a food-led business. Operating and fi nancial review Operating and fi Amenity On-trade Design, décor, furniture and facilities that contribute Any retail outlet which has a licence to sell alcohol for love to the environment and atmosphere of a pub. consumption on the premises (e.g. pubs, restaurants, nightclubs, clubs). AWT (Average Weekly Take) The average sales per pub per week, calculated as total Operating profi t sales divided by the average number of pubs trading Earnings before interest and tax.
    [Show full text]
  • Full Year Results 2014
    Full Year Results 2014 Bob Ivell Chairman Financial Review 2014 Tim Jones Finance Director Income statement (Pre exceptional items) FY 2014 FY 2013 £m £m Revenue 1,970 1,895 +4.0% Operating costs (1,657) (1,585) Operating profit 313 310 +1.0% Interest (141) (139) Profit before tax 172 171 - Earnings per share 32.6p 32.2p +1.2% Operating margin 15.9% 16.4% -0.5 ppts Financial Review 2014 —3— Like-for-like sales growth Week 1-28 Week 29-52 Week 1-52 Week 1-8 FY 2014 FY 2014 FY 2014 FY 2015 Food 0.9% 0.5% 0.7% 3.3% Drink 1.3% (0.4%) 0.5% 1.4% Total 1.1% 0.1 0.6% 2.4% Financial Review 2014 —4— Like-for-like volume and price trends Food Drink 8.0% 8.0% 6.0% 6.0% 4.0% 4.0% 2.0% 2.0% 0.0% 0.0% (2.0%) (2.0%) (4.0%) (4.0%) (6.0%) FY10 FY11 FY12 FY13 FY14 (6.0%) FY10 FY11 FY12 FY13 FY14 Volume Price/Spend Financial Review 2014 —5— EBIT movement +£3m (£1m) (£2m) +£16m (£5m) +£6m (£14m) Remodel FY13 Direct cost Like-for-like FY13 new FY14 new FY14 Orchid closure IT projects £310m inflation* trading openings openings £313m costs *Direct costs include wages and salaries, utilities and goods for resale Financial Review 2014 —6— Interest charge Sept 2014 Sept 2013 £m £m Finance costs (132) (130) Finance revenue 1 2 Net pensions finance charge (10) (11) Total interest (141) (139) - Net pensions finance charge now reported in adjusted earnings - Expected charge for FY 2015 is £16m Financial Review 2014 — 7— Group cash flow FY 2014 FY 2013 £m £m EBITDA 422 420 Working capital / non cash items 18 (9) Pension deficit contributions (49) (40) Cash flow from
    [Show full text]
  • Modifying the Mature Franchisor's Concept And
    IMPLEMENTING SYSTEM UPGRADES AND ENHANCEMENTS: BUSINESS AND LEGAL CONSIDERATIONS David J. Kaufmann Kaufmann Gildin Robbins & Oppenheim LLP New York, New York Robert Zarco Zarco, Einhorn, Salkowski & Brito, P.A. Miami, Florida By: Kenneth A. Cutshaw* Chief Legal Officer Cajun Global LLC (Franchisor of Church’s Chicken) Atlanta, Georgia International Franchise Association 44th Annual Legal Symposium May 15-17, 2011 *Mr. Cutshaw is a contributing author of certain segments of this paper. TABLE OF CONTENTS I. INTRODUCTION ......................................................................................................................1 II. CASE LAW ADDRESSING MATURE FRANCHISOR SYSTEM/CONCEPT MODIFICATION .......................................................................................................................2 A. Systemic Changes .............................................................................................................2 B. Price Point Advertising/Resale Price Maintenance ........................................................8 C. System Modification Attendant to Franchisor Acquisition...........................................12 1. Analyzing the Motives Underlying Proposed Acquisition Activity..........................13 2. The Third Player at the Table ......................................................................................15 3. The Franchise Agreements at Issue...........................................................................16 4. Judicial Decisions Addressing Franchise Network
    [Show full text]
  • VILLAGE of WATERFORD BOARD MEETING Monday, December 14, 2020, 6:30 Pm
    1 VILLAGE OF WATERFORD BOARD MEETING Monday, December 14, 2020, 6:30 pm . *Held via teleconference at https://www.gotomeet.me/VillageofWaterford Or call in at: 1-872-240-3212, access code: 562-426-325 Village Board members may attend in person. All others that wish to 1. Call to Order 2. Pledge to the Flag participate please use the information above. 3. Roll Call 4. Comments and Correspondence 10. Report of Standing Committees 5. Public Appearances or Hearings Absolutely Waterford 6. Reading and Appvl of Min: 11.09.20 VB Southeastern Wisconsin Fox River Commission 7. Approval of Various Licenses & Special Event Requests Central Racine County Board of Health 8. Report of the DPW Director, Library, Fire Chief, Police Western Racine County Sewerage District Chief, Treasurer, Clerk, Administrator, RCEDC Library Board 9. Review and Confirmation of Committee, Commission, and Waterford Waterway Management District Board Appointments Racine County Drainage District/Fox River Citizen’s Group New Business 1. Public Hearing. Discussion on Resolution 929-121420, Approving a Certified Survey Map for The Village of Waterford’s Fire Station 1 property, parcel #191041935136000, creating 3 lots. Consider an appropriate motion for action. 2. Discussion on the County’s plans to consolidate public health services from CRCHD underneath the County. Consider a motion to authorize staff to issue a preliminary notice of intent to withdraw from CRCHD 3. Review and discussion on an intergovernmental agreement for policing services from the Town of Waterford; consider an appropriate motion for action. 4. Review and discussion on an intergovernmental agreement for policing services from Racine County Sheriff’s Department; consider an appropriate motion for action.
    [Show full text]
  • M&B CSR Report 2007
    Mitchells & Butlers plc Corporate Social Responsibility Review 2007 Mitchells & Butlers Chief Executive introduction Corporate Social Responsibility Review 2007 Our commitment to Corporate Social Mitchells & Butlers is the leading operator of The Board takes regular account of social, Responsibility (CSR) policy means that managed pubs and pub restaurants in the UK, environmental and ethical matters concerning employing nearly 43,000 employees in some the Company through the Chief Executive's responsible practices are at the heart 2,000 businesses. regular reports to the Board, presentations to of our business on an every day basis. the Board at its strategy meetings and through Our commitment to Corporate Social adoption of its Code of Ethics. The Company Responsibility (CSR) policy means that Secretary is responsible for ensuring that responsible practices are at the heart of our Directors are made aware of and receive training business on an every day basis. in respect of such matters. Formal reporting to That commitment reflects our core belief that the Board of social, environmental and ethical sustainable business success has to be based matters takes place every quarter. on experienced, professional licensed retailing Our philosophy for corporate social responsibility which builds upon the reputation of each combines the best of the traditions of the pub individual pub in its own community. landlord's commitment to the community with We operate in a highly regulated industry and leading practice in crucial areas such as the recognise that attached to the grant of our responsible retailing of alcohol, food safety and licences is the primary obligation to ensure the staff training.
    [Show full text]