Marston's sells package of pubs to Piccadilly Licensed Properties

10 May 2007 by
Marston's sells package of pubs to Piccadilly Licensed Properties

Brewer and pub operator Marston's has sold 279 tenanted pubs for £82.5m to Piccadilly Licensed Properties (PLP).

PLP is owned by commercial property investment group Active Asset Investment Management, who count Sir David Frost and Sir Alex Ferguson as shareholders.

Marston's will receive the funds in cash and use proceeds from the sale to reduce debt.

Ralph Findlay, chief executive at Marston's, said: "The effects of this disposal are to increase the average quality of our tenanted and leased estate, and to place us in a better position to take advantage of positive market trends, including growth in pub dining."

For the financial year ending September 2006 the 279 pubs generated and EBITDA profit of £7.5m and, as of 28 April, had a gross asset value of £81.1m.

Celebrity property fund sees pubs as star asset >>

Marston's results show continued growth >>

Marston's to spend £20m on outside smoking areas >>

aAIM webiste >>

By Christopher Walton

E-mail your comments to Christopher Walton](mailto:christopher.walton@rbi.co.uk?subject=Marston's sells package to pubs to Piccadilly Licensed Properties) here.

[The Caterer Blog](http://www.caterersearch.com/blogs/catering-news-blog/) Catch up with more news and gossip on the Caterer Blog here
[Newswire For the latest hospitality news, sign up for our e-mail news alerts.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking