Mitchells & Butlers Plc engages in the management of a chain of restaurants and pubs. It operates through two business segments: Retail Operating and Property. The Retail Operating business segment manages all of the Group's retail operating units and generates all of its external revenue. The Property business segment holds the Group's freehold and long leasehold property portfolio and derives all of its income from the internal rent levied against the Group's retail operating units. The company was founded in 1898 and is headquartered in Birmingham, the United Kingdom.