Securitisation

Mitchells & Butlers PLC
13 November 2003


13 November 2003


                            MITCHELLS & BUTLERS PLC

          £1.9bn Securitisation and return of £500m to shareholders

Mitchells & Butlers announces that it has today completed the securitisation of
Mitchells & Butlers Retail Limited, raising £1.9bn.

The Board is proposing to pay a special dividend of 68 pence per share which
will be accompanied by a consolidation of the Company's ordinary share capital.
The consolidation, which is a proportionate reduction in the number of shares in
issue, will allow comparability of the Company's share price and dividend per
share before and after the payment of the special dividend. Subject to
shareholder approval, for every 17 existing ordinary shares held on 1 December
2003, shareholders will receive 12 new ordinary shares as well as the special
dividend of 68 pence per existing ordinary share. The consolidation ratio is
based on the market capitalisation of the Company at close of business on 12
November 2003 - the latest practicable date prior to the publication of the
circular to shareholders.

An EGM to approve the share consolidation will take place on 1 December 2003 and
a circular containing notice of the meeting will be posted to shareholders
tomorrow.

The record date for entitlement to the special dividend is 6.00pm on 1 December
2003 and the special dividend is expected to be paid to shareholders on 8
December 2003.


For further information, please contact:

Investor Relations
Kate Holligon                                           0121 498 5092

Media
Jeremy Probert                                          0121 498 5547
Finsbury Group - James Murgatroyd                       020 7251 3801


This document is not an offer of securities for sale in the United States.  The
securities referred to herein may not be offered or sold in the United States or
to or for the account or benefit of US persons (as such terms are defined in
Regulation S under the US Securities Act of 1933) unless registered under the
Securities Act or pursuant to an exemption from such registration.  There will
be no public offer of the securities in the United States.

                                     -ends-


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