Battle · 8 companies

Pub groups

Last orders: one of these is calling time on the rest

Mitchells & Butlers leads on 4 of the five measures that matter most: turnover, pre-tax profit, profit margin, growth and net assets. Mitchells & Butlers is the biggest by turnover at £2,711m, against £2,539m at Greene King. Mitchells & Butlers keeps the most of every £100 it takes, £8.78 as pre-tax profit.

The year ends are up to 18 months apart, so this compares each company's most recent filing rather than the same twelve months. Greene King, Stonegate, Mitchells & Butlers, Young's and Fuller's file group accounts that include subsidiaries; Wetherspoons and Admiral Taverns file for a single company, which flatters the groups on size.

Spark Intel Research Desk·Last updated ·Source: Companies House filed accounts

Accounts compared: Wetherspoons to Jul 2025 · Greene King to Jan 2026 · Stonegate to Sep 2025 · Mitchells & Butlers to Sep 2025 · Marston's to Sep 2024 · Young's to Mar 2026 · Fuller's to Mar 2026 · Admiral Taverns to Jun 2025

Biggest by turnover

Mitchells & Butlers

£2,711m

Highest profit margin

Mitchells & Butlers

8.8%

Fastest-growing turnover

Admiral Taverns

+40.8%

The Numbers

#CompanyTurnoverChangePre-tax profitMarginEmployeesPay per headTurnover per headNet assetsBank and cashAccounts toBasis
1 Mitchells & ButlersMitchells & Butlers PLC £2,711m +3.9% £238m 8.8% 49,287 £21,000 £55,000 £2,816m £216m Sep 2025 Group
2 Greene KingGreene King Limited £2,539m +3.6% -£23m -0.9% 38,881 £22,000 £65,000 £2,302m £133m Jan 2026 Group
3 WetherspoonsJ D Wetherspoon PLC £2,128m +4.5% £89m 4.2% 24,329 £34,000 £87,000 £362m £39m Jul 2025 Single company
4 StonegateStonegate Pub Company Pikco Holdings Limited £1,619m -7.3% -£174m -10.7% 14,227 £23,000 £114,000 £754m £160m Sep 2025 Group
5 Marston'sMarstons PLC £899m +3.0% £14m 1.6% 10,362 £20,000 £87,000 £655m £46m Sep 2024 n/d
6 Young'sYoung & Cos Brewery PLC £508m +4.6% £41m 8.1% 7,477 £24,000 £68,000 £790m £8m Mar 2026 Group
7 Fuller'sFuller Smith & Turner PLC £398m +5.7% £30m 7.4% 5,491 £27,000 £72,000 £410m £7m Mar 2026 Group
8 Admiral TavernsAdmiral Taverns Limited £68m +40.8% -£2m -3.2% n/d n/d n/d £220m £0.3m Jun 2025 Single company

Ranked by turnover. Click any column to sort. The leader on each measure is highlighted. Movements are against each company's own prior year. Pre-tax profit is filed except where marked (est.).

Category winners

Biggest by turnover

Mitchells & Butlers

£2,711m

Most pre-tax profit

Mitchells & Butlers

£238m

Highest profit margin

Mitchells & Butlers

8.8%

Fastest-growing turnover

Admiral Taverns

+40.8%

Biggest employer

Mitchells & Butlers

49,287 staff

Highest pay per head

Wetherspoons

£34,000

Most turnover per head

Stonegate

£114,000

Largest net assets

Mitchells & Butlers

£2,816m

Most cash

Mitchells & Butlers

£216m

The Takeaway

  1. Mitchells & Butlers converts the most of its turnover. Of every £100, £8.78 reaches pre-tax profit, against a loss of £10.75 at Stonegate.
  2. Mitchells & Butlers is the largest on the top line, £2,711m of turnover, 1.1x Greene King's £2,539m.
  3. Admiral Taverns is growing fastest, turnover +40.8% on its own prior year. Stonegate went backwards.
  4. Mitchells & Butlers is the biggest employer with 49,287 people; Wetherspoons pays the most per head, an average staff cost of about £34,000.
  5. Mitchells & Butlers has the largest balance sheet, net assets of £2,816m.

Who keeps the most of every £100 of sales?

Mitchells & Butlers keeps the most: £8.78 of every £100 of turnover becomes pre-tax profit. Stonegate does worst, losing £10.75.

Financing bites hardest at Stonegate: £25.39 of every £100 goes on interest.

Every profit figure here is the one the company filed.

The chart splits each company's turnover into £100: what goes on people, on interest and on everything else, and what is left as profit.

Out of every £100 of turnover

£0£100 Mitchells & ButlersSep 2025 · £2,711mPayroll: £37.74 of every £100£37.74Financing: £3.69 of every £100Other costs: £49.80 of every £100£49.80Profit: £8.78 of every £100Profit £8.78Young'sMar 2026 · £508mPayroll: £35.73 of every £100£35.73Financing: £3.58 of every £100Other costs: £52.60 of every £100£52.60Profit: £8.09 of every £100Profit £8.09Fuller'sMar 2026 · £398mPayroll: £37.63 of every £100£37.63Financing: £2.89 of every £100Other costs: £52.06 of every £100£52.06Profit: £7.42 of every £100Profit £7.42WetherspoonsJul 2025 · £2,128mPayroll: £39.39 of every £100£39.39Financing: £3.07 of every £100Other costs: £53.34 of every £100£53.34Profit: £4.20 of every £100Profit £4.20Marston'sSep 2024 · £899mPayroll: £23.33 of every £100£23.33Financing: £11.85 of every £100Other costs: £63.22 of every £100£63.22Profit: £1.60 of every £100Profit £1.60Greene KingJan 2026 · £2,539mPayroll: £33.97 of every £100£33.97Financing: £4.90 of every £100Other costs: £62.06 of every £100£62.06Loss (the costs beyond £100): £0.92 of every £100Loss £0.92Admiral TavernsJun 2025 · £68mFinancing: £0.00 of every £100Other costs: £103.25 of every £100£103.25Loss (the costs beyond £100): £3.25 of every £100Loss £3.25StonegateSep 2025 · £1,619mPayroll: £20.20 of every £100£20.20Financing: £25.39 of every £100£25.39Other costs: £65.16 of every £100£65.16Loss (the costs beyond £100): £10.75 of every £100Loss £10.75
Payroll (staff costs)Financing (interest paid)Other running costsPre-tax profitLoss: the costs beyond £100

Each bar is £100 of that company's own turnover, so companies of any size compare on one scale; the figures are pounds out of each £100, not millions. Companies run from the best margin to the worst. Payroll is staff costs, financing is interest paid, other running costs are everything else, and profit is pre-tax profit, filed or estimated as marked in the table. A loss is not an extra cost: it is the part of the costs that runs past the £100 line, marked with a red bracket. Hover over any segment for its figure.

Who is the biggest, and does the comparison hold?

By turnover the order is Mitchells & Butlers (£2,711m), Greene King (£2,539m), Wetherspoons (£2,128m), Stonegate (£1,619m), Marston's (£899m), Young's (£508m), Fuller's (£398m), Admiral Taverns (£68m).

By headcount, Mitchells & Butlers leads with 49,287 employees.

The comparison holds with the dates stated plainly: Wetherspoons to Jul 2025, Greene King to Jan 2026, Stonegate to Sep 2025, Mitchells & Butlers to Sep 2025, Marston's to Sep 2024, Young's to Mar 2026, Fuller's to Mar 2026, Admiral Taverns to Jun 2025. The bases differ: group accounts include the businesses a company owns, single-company accounts do not.

Mitchells & Butlers£2,711mGreene King£2,539mWetherspoons£2,128mStonegate£1,619mMarston's£899mYoung's£508mFuller's£398mAdmiral Taverns£68m

Turnover on the latest filing

Who is growing fastest?

Admiral Taverns grew fastest, turnover +40.8% on its own prior year, ahead of Fuller's (+5.7%), Young's (+4.6%), Wetherspoons (+4.5%), Mitchells & Butlers (+3.9%), Greene King (+3.6%), Marston's (+3.0%), Stonegate (-7.3%).

Admiral Taverns+40.8%Fuller's+5.7%Young's+4.6%Wetherspoons+4.5%Mitchells & Butlers+3.9%Greene King+3.6%Marston's+3.0%Stonegate-7.3%

Turnover change on each company's own prior year

Who employs the most, who pays the most, and who brings in the most per head?

Mitchells & Butlers employs the most, 49,287 people, against 38,881 at Greene King.

Wetherspoons has the highest average staff cost, about £34,000 a head; Marston's the lowest, about £20,000.

Stonegate brings in the most turnover per employee, about £114,000, against £55,000 at Mitchells & Butlers. It says as much about the business model as the workforce: a marketplace or a wholesaler needs far fewer people per pound than a restaurant or a gym.

Wetherspoons

24,329

employees, about £34,000 pay a head, £87,000 turnover a head, -0.3% on the year

Greene King

38,881

employees, about £22,000 pay a head, £65,000 turnover a head, -4.2% on the year

Stonegate

14,227

employees, about £23,000 pay a head, £114,000 turnover a head, -14.9% on the year

Mitchells & Butlers

49,287

employees, about £21,000 pay a head, £55,000 turnover a head, -2.3% on the year

Marston's

10,362

employees, about £20,000 pay a head, £87,000 turnover a head, -15.7% on the year

Young's

7,477

employees, about £24,000 pay a head, £68,000 turnover a head, +0.3% on the year

Fuller's

5,491

employees, about £27,000 pay a head, £72,000 turnover a head, +3.4% on the year

Admiral Taverns

n/d

employees

Who owns each one?

Ownership as recorded on the Companies House register of people with significant control, in the bands the register uses.

J D Wetherspoon PLC · 01709784

Owned by its shareholders

Listed on the London Stock Exchange, so no single controller appears on the register. 4 outstanding charges on the register.

Who owns Wetherspoons →

Greene King Limited · 00024511

Held by Ck Noble (Uk) Limited

A company recorded as a person with significant control. 7 outstanding charges on the register.

Who owns Greene King →

Stonegate Pub Company Pikco Holdings Limited · 12086428

Held by Tdr Capital Stonegate General Partner Limited

A company recorded as a person with significant control. 1 outstanding charge on the register.

Who owns Stonegate →

Mitchells & Butlers PLC · 04551498

Owned by its shareholders

Listed on the London Stock Exchange, so no single controller appears on the register. 1 outstanding charge on the register.

Who owns Mitchells & Butlers →

Marstons PLC · 00031461

Owned by its shareholders

Listed on the London Stock Exchange, so no single controller appears on the register. 5 outstanding charges on the register.

Who owns Marston's →

Young & Cos Brewery PLC · 00032762

Owned by its shareholders

Listed on the London Stock Exchange, so no single controller appears on the register. 3 outstanding charges on the register.

Who owns Young's →

Fuller Smith & Turner PLC · 00241882

Owned by its shareholders

Listed on the London Stock Exchange, so no single controller appears on the register. 11 outstanding charges on the register.

Who owns Fuller's →

Admiral Taverns Limited · 05438628

Held by Admiral Taverns Bidco Limited

A company recorded as a person with significant control. 13 outstanding charges on the register.

Who owns Admiral Taverns →

What does the full ledger show?

MeasureWetherspoonsGreene KingStonegateMitchells & ButlersMarston'sYoung'sFuller'sAdmiral Taverns
Registered nameJ D WETHERSPOON PLCGREENE KING LIMITEDSTONEGATE PUB COMPANY PIKCO HOLDINGS LIMITEDMITCHELLS & BUTLERS PLCMARSTONS PLCYOUNG & COS BREWERY PLCFULLER SMITH & TURNER PLCADMIRAL TAVERNS LIMITED
Company number0170978400024511120864280455149800031461000327620024188205438628
Incorporated19831887201920021890189019292005
Accounts filed15 October 20256 June 202610 April 202626 February 202624 February 20259 August 20267 August 202624 February 2026
Turnover, prior year£2,036m£2,451m£1,747m£2,610m£872m£486m£376m£48m
Pre-tax profit, prior year£61m-£147m-£272m£199m-£21m£18m£34m£0.6m
Staff costs£838m£862m£327m£1,023m£210m£182m£150mn/d
Payroll share of turnover39.4%34.0%20.2%37.7%23.3%35.7%37.6%n/d
Employees, prior year24,39740,58816,72350,45512,2927,4535,311n/d
Dividends paid£19mn/dn/dn/dn/d£15m£11mn/d
Charges outstanding4711531113

A figure the filing does not disclose is shown as n/d; a zero in a filing is treated as not disclosed. Rounding: below £0.1m in thousands, £0.1m to £2m to one decimal place, above that to the nearest million.

Pub groups: common questions

Who is the biggest of Wetherspoons, Greene King, Stonegate, Mitchells & Butlers, Marston's, Young's, Fuller's or Admiral Taverns?

Mitchells & Butlers, with turnover of £2,711m in the year to September 2025.

Which makes the most profit?

Mitchells & Butlers: £238m pre-tax in the year to September 2025.

Which employs the most people?

Mitchells & Butlers, with 49,287 employees in its latest accounts.

Wetherspoons or Greene King: which is bigger?

Greene King, with turnover of £2,539m against £2,128m at Wetherspoons on their latest filings. On margin, Wetherspoons keeps more of each £100 as pre-tax profit. The full head to head is in the VS Series. Read the VS page →

Wetherspoons or Stonegate: which is bigger?

Wetherspoons, with turnover of £2,128m against £1,619m at Stonegate on their latest filings. On margin, Wetherspoons keeps more of each £100 as pre-tax profit.

Wetherspoons or Mitchells & Butlers: which is bigger?

Mitchells & Butlers, with turnover of £2,711m against £2,128m at Wetherspoons on their latest filings. On margin, Mitchells & Butlers keeps more of each £100 as pre-tax profit.

Wetherspoons or Marston's: which is bigger?

Wetherspoons, with turnover of £2,128m against £899m at Marston's on their latest filings. On margin, Wetherspoons keeps more of each £100 as pre-tax profit.

Wetherspoons or Young's: which is bigger?

Wetherspoons, with turnover of £2,128m against £508m at Young's on their latest filings. On margin, Young's keeps more of each £100 as pre-tax profit.

Wetherspoons or Fuller's: which is bigger?

Wetherspoons, with turnover of £2,128m against £398m at Fuller's on their latest filings. On margin, Fuller's keeps more of each £100 as pre-tax profit.

Wetherspoons or Admiral Taverns: which is bigger?

Wetherspoons, with turnover of £2,128m against £68m at Admiral Taverns on their latest filings. On margin, Wetherspoons keeps more of each £100 as pre-tax profit.

Greene King or Stonegate: which is bigger?

Greene King, with turnover of £2,539m against £1,619m at Stonegate on their latest filings. On margin, Greene King keeps more of each £100 as pre-tax profit.

Greene King or Mitchells & Butlers: which is bigger?

Mitchells & Butlers, with turnover of £2,711m against £2,539m at Greene King on their latest filings. On margin, Mitchells & Butlers keeps more of each £100 as pre-tax profit.

Greene King or Marston's: which is bigger?

Greene King, with turnover of £2,539m against £899m at Marston's on their latest filings. On margin, Marston's keeps more of each £100 as pre-tax profit.

Greene King or Young's: which is bigger?

Greene King, with turnover of £2,539m against £508m at Young's on their latest filings. On margin, Young's keeps more of each £100 as pre-tax profit.

Greene King or Fuller's: which is bigger?

Greene King, with turnover of £2,539m against £398m at Fuller's on their latest filings. On margin, Fuller's keeps more of each £100 as pre-tax profit.

Greene King or Admiral Taverns: which is bigger?

Greene King, with turnover of £2,539m against £68m at Admiral Taverns on their latest filings. On margin, Greene King keeps more of each £100 as pre-tax profit.

Stonegate or Mitchells & Butlers: which is bigger?

Mitchells & Butlers, with turnover of £2,711m against £1,619m at Stonegate on their latest filings. On margin, Mitchells & Butlers keeps more of each £100 as pre-tax profit.

Stonegate or Marston's: which is bigger?

Stonegate, with turnover of £1,619m against £899m at Marston's on their latest filings. On margin, Marston's keeps more of each £100 as pre-tax profit.

Stonegate or Young's: which is bigger?

Stonegate, with turnover of £1,619m against £508m at Young's on their latest filings. On margin, Young's keeps more of each £100 as pre-tax profit.

Stonegate or Fuller's: which is bigger?

Stonegate, with turnover of £1,619m against £398m at Fuller's on their latest filings. On margin, Fuller's keeps more of each £100 as pre-tax profit.

Stonegate or Admiral Taverns: which is bigger?

Stonegate, with turnover of £1,619m against £68m at Admiral Taverns on their latest filings. On margin, Admiral Taverns keeps more of each £100 as pre-tax profit.

Mitchells & Butlers or Marston's: which is bigger?

Mitchells & Butlers, with turnover of £2,711m against £899m at Marston's on their latest filings. On margin, Mitchells & Butlers keeps more of each £100 as pre-tax profit.

Mitchells & Butlers or Young's: which is bigger?

Mitchells & Butlers, with turnover of £2,711m against £508m at Young's on their latest filings. On margin, Mitchells & Butlers keeps more of each £100 as pre-tax profit.

Mitchells & Butlers or Fuller's: which is bigger?

Mitchells & Butlers, with turnover of £2,711m against £398m at Fuller's on their latest filings. On margin, Mitchells & Butlers keeps more of each £100 as pre-tax profit.

Mitchells & Butlers or Admiral Taverns: which is bigger?

Mitchells & Butlers, with turnover of £2,711m against £68m at Admiral Taverns on their latest filings. On margin, Mitchells & Butlers keeps more of each £100 as pre-tax profit.

Marston's or Young's: which is bigger?

Marston's, with turnover of £899m against £508m at Young's on their latest filings. On margin, Young's keeps more of each £100 as pre-tax profit.

Marston's or Fuller's: which is bigger?

Marston's, with turnover of £899m against £398m at Fuller's on their latest filings. On margin, Fuller's keeps more of each £100 as pre-tax profit.

Marston's or Admiral Taverns: which is bigger?

Marston's, with turnover of £899m against £68m at Admiral Taverns on their latest filings. On margin, Marston's keeps more of each £100 as pre-tax profit.

Young's or Fuller's: which is bigger?

Young's, with turnover of £508m against £398m at Fuller's on their latest filings. On margin, Young's keeps more of each £100 as pre-tax profit.

Young's or Admiral Taverns: which is bigger?

Young's, with turnover of £508m against £68m at Admiral Taverns on their latest filings. On margin, Young's keeps more of each £100 as pre-tax profit.

Fuller's or Admiral Taverns: which is bigger?

Fuller's, with turnover of £398m against £68m at Admiral Taverns on their latest filings. On margin, Fuller's keeps more of each £100 as pre-tax profit.

Where do these figures come from?

Each company's latest accounts filed at Companies House. Each links to its full Spark Intel profile, which names the filing it comes from.

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