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Tue 21st Aug 2018 - M&B buys Luke Johnson’s share in 3Sixty
M&B buys Luke Johnson’s share in 3Sixty: Mitchells & Butlers (M&B) has formed a joint venture with 3Sixty Restaurants, led by James Horler, to accelerate the expansion of the Ego brand. M&B has bought sector investor Luke Johnson’s minority shareholding in 3Sixty Restaurants, which has resulted in him stepping down as chairman. Ego, which operates 16 venues, already leases and operates three sites from M&B – The Hollybush in Stockton Brook, Stoke; Tumbledown Farm in Cannock; and The Fox Cub in Little Hoole near Preston. Ego, which operates across the north west, Yorkshire and the Midlands, offers Mediterranean-inspired food and cask ale in a pub setting. Horler told Propel it would look to continue growing the brand by opening sites within a 50-mile radius of its existing properties. He added: “We already enjoy a successful trading relationship with M&B, so the establishment of this joint venture feels like a logical progression, leaving us well placed to grow the Ego brand in future. Luke has been a wonderful investor but this partnership with M&B gives us a great platform to expand. M&B will have some board representation but we want to continue growing the company in the way we have been doing.” Chris Hopkins, M&B commercial and marketing director, said: “We’re delighted to formalise our partnership with the Ego team. Working together presents us with a great opportunity to learn from each other’s businesses and experiences to the mutual benefit of both companies.” Johnson told Propel: “I’ve had seven great years with 3Sixty Restaurants and it has been a very successful investment. I wish the company the very best. I think M&B will prove to be a great partner for Ego as the brand continues to expand.” For the year ending 25 March 2018, 3Sixty Restaurants saw turnover increase to £19,458,251, compared with £18,895,687 the previous year. Ebitda before exceptional one-off costs and pre-opening costs was up to £1,004,965, compared with £955,908 the year before. Pre-tax losses narrowed to £67,576 compared with £1,857,004 the previous year.


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