Pubco agrees £320m banking deal

Wolverhampton pubco Marston’s has agreed a new bank facility to replace the £257.5m facility due to expire in November next year.

The new facility extends to March 2022 and comprises a £320m loan commitment, with an incremental £40m accordion facility providing additional flexibility, at improved terms.

The new facility will be provided by Barclays, Lloyds, HSBC, Santander and the Bank of Ireland.

Ralph Findlay, CEO, Marston’s, said: “This new facility further improves the efficiency of our funding.  It provides the group with the certainty of long term financing whilst also taking advantage of current low interest rates, enabling Marston’s to fulfil its future expansion plans in the most cost effective way possible.”

Marston’s currently has an estate of 1,569 pubs, comprising managed, franchised and leased pubs.

It is also the UK’s leading brewer of premium cask and bottled ales, with brands including Marston’s Pedigree, Wainwright and Hobgoblin.  The beer portfolio also includes Banks’s, Jennings, Wychwood, Ringwood, Brakspear and Mansfield.

The company employs around 14,000 people.