Mitchells & Butlers plc is an operator of managed restaurants and pubs in United Kingdom. Approximately, the Company had an estate of 1,649 sites including 60 leased and franchised sites and 40 restaurants in Germany. Mitchells & Butlers plc operates a spectrum of brands. The Company has two main retail operating segments: Retail operating business and Property business. The retail operating business operates all of the Company�s retail operating units and generates all of its external revenue. The property business holds the Company�s freehold and long leasehold property portfolio and derives all of its income from the internal rent levied against the Company�s retail operating units. Mitchells & Butlers plc is also engaged in property development, which is undertaken by Standard Commercial Property Developments Limited (SCPD). The Company�s main operating subsidiary is Mitchells & Butlers Retail Limited.