Mitchell & Butler rises on waiver extension

The price of shares in FTSE 250 pub managers Mitchell & Butlers (LON:MAB) increased by 7.22% to 154.40p (as of 12:45 BST) after it secured an extended waiver on its financing covenants until 8th June. Due to the enforced closure of the business, the company could be in technical breach of its secured financing arrangements.

Last month, the company said that there was great uncertainty surrounding the length of the shutdown as well as how any reopening process would work. However, management said that they were in contact with stakeholders at that time and that they remained supportive of the firm’s long term fundamentals.