Coronavirus: London enters tier 2 of lockdown as Marston’s announces job cuts
Businesses are concerned of the financial consequences of the new measures
Company
Marston’s PLC
LON:MARS
Marston's PLC operates around 1,700 pubs and bars situated across Great Britain, comprising of leased and tenanted pubs, franchise opportunities and managed pubs at the heart of thriving local communities offering a welcoming environment and value for money.
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Marston’s slides as it unveils plans to slash 2,150 jobs
The publican said the new three tier system of restrictions introduced by the UK government earlier this week have undermined consumer confidence and created uncertainty
Coronavirus: Frustrated hospitality sector takes legal action against Westminster's restrictions
Several industry member said there is no scientific evidence justifying closures and the 10pm curfew
Marston's, Carlsberg joint venture cleared by UK authorities
The transaction will complete at the end of October after an investigation on fair competition
Pubs tipped for £210mln drinking spree when they reopen at the weekend
Profits are expected to be 75% lower than usual due to social distancing rules
Marston's confident ahead of pub reopening despite first-half loss
“Our predominately freehold pub estate is less exposed than many of our peers to city centres where we believe the long-term impact of COVID-19 may be more pronounced,” the company said
Marston’s rolls brewing arm into joint venture with Carlsberg
The Wolverhampton-headquartered brewer said it will own 40% of the new venture and get a £273mln cash in return
Marston’s scraps 2020 dividend entirely as it boosts liquidity to ride out lockdown
The pub chain has agreed to borrow an additional £70mln through an increased 180-day bank facility, which coupled with government help and other assistance meant it will have enough cash until the end of the current financial year
Marston’s secures waiver to avoid loan breaches as a result of coronavirus lockdown
The waiver applies to the publican's cessation covenant, which may be breached if its business is suspended for 30 days
Marston’s warns profits to be diluted by "£2-3mln" min wage hike
The pubco grew total like-for-like sales 1% in the 16 weeks to 18 January
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FTSE 100 closes firmly higher but down on the week as virus fears ease
Britain's blue chip index finished up around 78 points at 7,585 on the day
Marston’s update the main focus on Cheeky Pint Friday after Spoon's pleased the City
The market will also keep an eye out for UK flash PMIs to understand whether the Bank of England might cut interest rates next week
Mitchells & Butlers served a double-upgrade but some pubs too frothy for RBC
“While consumer confidence has been boosted post the election, this may be a short-term relief as the trade negotiations start to take place”
Marston’s profits slip amid slower food sales; however, shares tick up on stronger pre-Christmas trading
The FTSE 250 publican reported an underlying pre-tax profit of £101mln, down from £104mln in 2018, which was blamed partly on tough comparatives from last year's hot summer and the World Cup
Marston’s sells 137 pubs to Admiral Taverns
The brewer said it was focused on its objective of reducing net debt by £200mln by 2023 or earlier
Marston’s to sell an extra £30mln in assets to boost debt reduction
In 2019, group turnover was up 3% to £1.2bn, with underlying earnings (EBITDA) broadly flat year-on-year and underlying profit before tax of around £101mln
Marston’s rejigs plans to speed debt reduction as pub sales weaken in third quarter
The publican plans to defer £70mln of the new-build investment planned for the next three years and reallocate £20-30mln into the “organic” spending on pubs that was “generating significantly higher returns”
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The Conservative Party leadership contest was decided by a relatively convincing margin of 92,153 votes to 46,656, while Love Island commands consolidated viewing figures of more than 5mln
JD Wetherspoon’s run of record of profits set to come to an end despite sales surge
As investors have come to expect, sales are once again well up at the pubs group, but soaring costs mean annual profits will likely fall below what was achieved last year