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Mitchells & Butlers (MAB) shares jumped 10 per cent this morning, after the All Bar One owner outperformed the wider sector on growth, according to the CGA business tracker.

The FTSE 250 pub and restaurant operator’s like-for-like sales rose 4.3 per cent to £2.7bn in the 52 weeks to 27 September. Its pubs performed particularly well thanks to a warm summer, which offset flat restaurant sales and challenges in bars given a decline of the ‘late-night’ market.

Tight cost control measures meant that statutory operating profit also rose, from £300mn to £322mn. Its net debt position shrunk by £146mn to £843mn, although investors must wait for a dividend. The board argued it would be too expensive to restructure their securitised debt at present.

“Over time, and as the securitisation matures, the board will however continue to monitor the position and shareholder returns will be considered alongside investment opportunities,� the company said.

Mitchells & Butlers warned it expects an additional £130mn costs in 2026, mainly due to higher labour costs and food cost inflation. That includes its preliminary assessment of the impact of this week’s Autumn Budget. However, the group argued it is “well-positioned� to mitigate the increase.

Find out why we’re bullish on Mitchells & Butlers

The Gore Street Energy Storage Fund (GSF) has named former JPMorgan Cazenove investment trust broker Angus Gordon Lennox as chair designate, marking the latest step in a board overhaul sparked by calls from activist investor RM Funds.

Lennox, who joined the GSF board on 22 October, will take over from Pat Cox on 19 January. He is currently the chair of the Aberforth Geared Value & Income Trust (AGZI) and previously served as chair of JPMorgan’s Mercantile Investment Trust (MRC).

In early October, the trust said it was accelerating the process of changing its board after months of pressure from RM Funds and controversy over how much the fund’s investment manager was being paid. The Edinburgh-based asset manager had also pushed for audit committee head Caroline Banszky to be removed. 

GSF said neither the current chair nor the candidates participated in the selection sub-committee or voted on Lennox’s recommendation. Cox will stay on as non-executive director before retiring in March, and the board reshuffle “will continue into 2026�.

Essensys (ESYS) said it is in early discussions with founder and former chief executive Mark Furness over a possible takeover, announced on the same morning the Aim-traded flexible workspace software group cut earnings guidance.

Furness, who stepped down as CEO in April, has put forward a preliminary all-cash offer of 20p a share, subject to due diligence and board approval. Essensys currently trades at 15p per share, having lost over half of its market value over the past year. 

The company also said results for the 2026 financial year would come in “materially below� expectations, blaming longer sales cycles, slower than hoped take-up of its new elumo platform and the loss of a customer worth almost £1mn in annual contract value.