By Guy Taylor The owner of All Bar One, Mitchells & Butlers, said half-year profit soared to £164m despite an “unavoidable” decline in pubs and restaurants over the last year. The no frills pub chain flagged the impact of industry wide challenges on market supply, with a 2.5 per cent net decline in pubs and restaurants in the year to March and a 15 per cent net decline since the beginning of Covid-19. But operating profit rose nearly 64 per cent from last year’s £99m, driven by growth in total sales to £1.4bn, up nearly 10 per cent amid increasing spend per head. Mitchells & Butlers, which own…