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Pubs and restaurants group Mitchells & Butlers has announced plans to sell 333 pubs as it withdraws from what it called the “lower price, drinks-led market”. The pubs are being sold to Stonegate Pub Company, which is controlled by TDR Capital, for £373 million.

Pubs and restaurants group Mitchells & Butlers has announced plans to sell 333 pubs as it withdraws from what it called the “lower price, drinks-led market”. The pubs are being sold to Stonegate Pub Company, which is controlled by TDR Capital, for £373 million.

The company reported further losses with pre-tax profits in the 28 weeks to April 11 plunging 48 percent to 44 million pounds.