Marston’s mulls sale of 150 pubs

Brewery and pub operator Marston’s is considering the sale of 150 pubs for around £45m, it has been claimed.

The company has engaged property agent Christie & Co to market the properties in an exercise known as Project Harvest, according to the Sunday Times.

The move is thought to have been motivated by the pub company and brewer’s aim to reduce its £1.4bn debt pile. Last year, in its annual report, the company said it would reduce its debt by £200m by 2023 although chief executive Ralph Findlay has since indicated that he would defer plans to build new pubs to speed up debt repayment.

Marston’s declined to comment.

Marston’s owns around 1,545 pubs, including a large managed estate and around 400 individual tenanted pubs. It also runs 18 Pitcher & Piano bars across the country, the Revere brand of pubs with rooms, and cocktail bar and restaurant brand the Lost and Found. In July this year, it was reported that Pitcher & Piano was up for sale for around £30m.

Following the £55m acquisition of Charles Wells’ brewing operations in 2017, Marston’s also runs six breweries – Marston’s in Burton on Trent, Wychwood & Brakspear in Oxfordshire, Jennings in Cumbria, Ringwood in Hampshire, the Eagle brewery in Bedford, and Banks’s in the West Midlands.