Marston’s in £45m pub sell-off

Marston’s has sold 137 of its pubs to Admiral Taverns in a £44.9m deal.

This disposal is in line with Marston’s plans to reduce its debt in part through the disposal of certain non-core assets. The poubs being sold are smaller wet-led leased, tenanted and franchised pubs.

The deal is expected to complete before the end of November.

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.”