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RNS Number : 0617S
Marston's PLC
04 November 2019
 

 

4 November 2019

 

Marston's PLC

 

Disposal

 

Marston's PLC ("Marston's" or "the Group") is pleased to announce it has reached agreement for the disposal of 137 pubs for £44.9 million to Admiral Taverns.  This disposal is in line with Marston's plans to reduce its debt in part through the disposal of certain non-core assets. The assets being disposed of are smaller wet-led leased, tenanted and franchised pubs. The deal is expected to complete before the end of November. 

 

The pubs being disposed of contributed EBITDA of £4.8 million and operating profit of £3.7 million for the year to 28 September 2019. The pubs have a book value of £62.6 million.  The disposal will result in average profit per pub in the retained estate increasing by around 7% and return on capital improving by 0.2% post the transaction.

 

Commenting, Ralph Findlay, Chief Executive Officer, said:

"We are making good progress with our plans to reduce our net debt by £200 million by 2023 in part through the disposal of non-core assets.  We are encouraged by the level of market interest that this portfolio of pubs has attracted.  This further underpins our confidence in achieving the accelerated £70 million disposal proceeds target that we have set ourselves for the current year.  We remain focused on our stated objective of reducing our net debt by £200 million by 2023 or earlier, and thereafter operating a high quality business generating consistent net cashflow, after dividends, of at least £50 million per annum."

 

Forthcoming Events

Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website -

 

2019 Preliminary results

27 November 2019

2020 Interim results

13 May 2020

2020 Preliminary results

25 November 2020

 

 

 

 

ENQUIRIES:

 

Marston's PLC            Tel: 01902 329516

Instinctif Partners         Tel: 020 7457 2020

Ralph Findlay, Chief Executive Officer

Justine Warren

Andrew Andrea, Chief Financial Officer

Matthew Smallwood

 

 

 

NOTES TO EDITORS

 

·      Marston's is a leading pub operator and independent brewer.

·      It currently has an estate of 1,537 pubs situated nationally, comprising managed, franchised and leased pubs.

·    Marston's is the UK's leading brewer of premium cask and packaged ales, with a portfolio including Marston's Pedigree, Wainwright, Hobgoblin, Young's, Bombardier, Lancaster Bomber, Banks's, Jennings, Wychwood, Ringwood, Brakspear, Courage, McEwan's and Mansfield beers.  Marston's also has a range of licensed brands including Estrella Damm, Warsteiner, Erdinger, Kirin, Shipyard and Founders.

·      Marston's employs around 14,000 people.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
DISUOSBRKKAARAA

Quick facts: Marston's PLC

Price: 121.3

Market: LSE
Market Cap: £801.02 m
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RNS

Block listing Interim Review

1 week, 1 day ago

Total Voting Rights

2 weeks, 2 days ago

Director Declaration

3 weeks, 1 day ago

Annual Financial Report

on 12/18/2019

Preliminary Results

on 11/27/2019

Completion of Disposal

on 11/25/2019

Directorate Change

on 11/21/2019