Thu, 07 Jul 2022 | BUSINESS SALE
Pub operator Marston’s is considering selling a portfolio of up to 50 pubs that are not considered a core part of its operations. Wolverhampton-based Marston’s currently operates an estate of close to 1,500 pubs across the UK, employing around 12,000 staff.
Like many large pub operators, Marston’s has reorganised elements of its portfolio over recent years. In 2019, the company sold a package of 137 pubs to Admiral Taverns for £44.9 million before announcing that it would sell a portfolio of 29 pubs to Hawthorn for an undisclosed sum in January 2020.
The firm then agreed a deal in December 2020 to operate 156 SA Brain’s pubs in Wales in a mix of both leased and management contracts.
While the pubs being considered for sale in the latest disposal have not yet been named, it has been reported that the sites in the non-core portfolio are located across England and Wales.
A spokesperson for Marston’s commented: "As you would expect, we review our estate from time to time as part of normal course of business. We are potentially looking to dispose of a small package of non-core pubs which no longer satisfy our pub strategy.”
"In the event of a successful transaction, any disposal proceeds raised will be used to further reduce the Company's debt in line with our stated strategy. A further announcement will be made as appropriate."
Earlier this year, Marston’s said that it was seeking to reduce its net debt to under £1 billion by 2025. At that time, the company reported that it had seen a return to pub operating profit, with trading levels approaching pre-COVID levels.
Read about how the UK pub sector's recovery from COVID-19 is creating M&A opportunities.
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