The funding was split equally between HSBC UK and Santander UK, and is one of the first CLBILS deals since the Government updated the scheme last month to allow loans of up to £200m.
As one of the largest operators of restaurants, pubs and bars in the UK, Mitchells & Butlers saw its 1,700 sites temporarily close at the start of lockdown – including household names such as Harvester, Toby Carvery and All Bar One. This vital loan ensures the business can continue operating as it prepares to reopen its sites in line with Government recommendations.
Tim Jones, CFO at Mitchells & Butlers, said: "We are grateful for the strong working relationships we have with our banking group enabling us to put together this support funding in uncertain times. As we come through the challenges posed by the abrupt shutdown of the hospitality sector we now look forward to welcoming back guests into our sites, where safety will clearly be of paramount importance."
Akhil Shah, Relationship Director at HSBC UK, said: "The hospitality industry has been particularly hard hit by Covid-19 so providing this support for one of the UK’s largest operators marks an important step in the recovery of the sector. As restaurants, pubs and bars prepare to safely reopen, Mitchells & Butlers’ actions to protect jobs and support the industry’s supply chain provides some much-needed confidence in this crucial part of our economy."
HSBC UK is working closely with the Government and UK Finance to identify emerging issues and make sure customers and businesses have the advice and support they need. For tips and advice for businesses around planning for any possible disruption, visit www.business.hsbc.com/novel-coronavirus.
HSBC UK’s package of support for business customers includes:
Notes to editors:
HSBC UK serves around 14.5 million customers across the UK, supported by 32,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,918bn at 31 March 2020, HSBC is one of the world’s largest banking and financial services organisations.