Pub chain on sale for £30-40m, to cut group debt

Pub chain on sale for £30-40m, to cut group debt

Brewery, pub and hotel operator, Marston’s, is reportedly mulling the sale of Pitcher and Piano, a pub chain with 18 sites.

City sources have said the operator has enlisted financial advisory firm Sapient Corporate Finance to sell the chain for around £30-40m. Marton’s bought the chain for £20m from entrepreneur Crispin Tweddell in 1996.

The operator is said to be considering the sale in an effort to cut debt.

In its interim results published in May, Marston’s said it was planning a £120m disposal of its assets before the end of 2023 in order to reduce debts. Its debts were recorded at £1.4bn as of 30 March 2019.

Source: Catering Today

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