M&B offloads late bars to new rival for £373m

Mitchells & Butlers has sold 333 pubs as it withdraws from the late-night bars market.

The owner of the Harvester, Toby Carvery and All Bar One chains sold the sites for £373m to a firm run by TDR Capital, a private equity investor known for its holdings in CenterParcs and Pizza Express. The estate included 52 Scream bars, aimed at students, and 71 music bars and late-night venues, including some Flares outlets, pictured.

M&B's withdrawal from the lower-price, drinks-led market will leave it with 1,580 food-led pubs and restaurants.