Marston’s sells 137 pubs across UK in £44.9m disposal deal

Pub operator Marston’s plc has reached an agreement for the disposal of 137 of its pubs across the UK.

The nationwide brewery and pub chain has sold the establishments to Admiral Taverns for £44.9m in a bid to reduce its net debt.

Expected to complete before the end of November, the brand has confirmed that the deal will see the disposal of pubs that are smaller wet-led leased, tenanted and franchised.

Ralph Findlay, chief executive officer, commented: “We are making good progress with our plans to reduce our net debt by £200m 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 £70m 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.”