Marston's PLC
10 May 2007
10 May 2007
MARSTON'S PLC
Sale of 279 pubs
Marston's today announces the sale of 279 tenanted pubs to Piccadilly Licensed
Properties Limited, a company owned and controlled by aAIM Group for a cash
consideration of £82.5 million.
This cash consideration will be payable immediately, subject to certain
adjustments for working capital items. Cash proceeds from the sale will be used
initially to reduce net debt.
For the financial year ended September 2006, the pubs being disposed of
generated EBITDA of £7.5 million. As at 28 April 2007, the pubs had a gross
asset value of £81.1 million.
Ralph Findlay, Chief Executive of Marston's, commented:
'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.'
Enquiries:
Marston's PLC 01902 329 516
Ralph Findlay
Paul Inglett
Hudson Sandler 020 7796 4133
Andrew Hayes
Nick Lyon
James White
PwC Corporate Finance 020 7583 5000
Sean Williams
This information is provided by RNS
The company news service from the London Stock Exchange
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