CMBC sale reduces Marston's debt by £300m
Marston’s has said it expects to see a reduction of c.£300m in debt on FY23.
Following the sale of its 40% share in Carlsberg Marston's Brewing Company (CMBC), Marston's has said it expects to see a reduction of c.£300m in debt on FY23.
When combining the sale with its disposal strategy, the operator of 1,339 pubs expects net debt (excluding IFRS 16 lease liabilities) for the full year to be approximately £885m.
Its trading update for the 52 weeks to 28 September 2024 showed total retail sales in the group’s managed and franchised pubs were 5.8% higher than the prior year, with growth in like-for-like sales of 4.8%.
In the 13-week period ending 28 September 2024, like-for-like sales increased 3.8%. The operator says food sales in this period performed well, a positive indicator as the industry approach the festive season.
"The strong revenue performance is very pleasing," says Justin Platt, CEO of Marston's. "This reflects the quality of the experiences we are providing for our guests as well as the continued focus and passion of our team. This performance, combined with our recent disposal of CMBC, puts Marston’s in a strong position to drive value for our shareholders as a focused pub business. We look forward to sharing more about the Marston’s growth opportunity at our investor day."
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