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Marston's (MARS)

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Marston's said to be prepping sale of Pitcher & Piano

08 Jul 19

LONDON (ShareCast) - (Sharecast News) - Marston's has reportedly appointed Sapient Corporate Finance to evaluate a potential sale of its Pitcher & Piano chain, which consists of 18 bars with an estimated value of 40m.
According to The Times, the brewery, pub and hotel operator, which purchased Pitcher & Piano for 20m from founder Crispin Tweddell in 1996, is interested in selling the chain for around 30m in order to cut debt.

The brand's first location in Fulham was opened in 1986, with the chain now including sites in Birmingham, Brighton, Harrogate, Swansea and the City of London.

Marston's shares have been under pressure for the last five years, leading the company to abandon an expansion plan in January in favour of a strategic shift to focus on increasing profits from its existing assets.

The FTSE 250 company said in its interim results in May that it was targeting 120m disposal proceeds before the end of 2023 in order to combat debts, which stood at 1.4bn at 30 March.

Marstons' shares were up 0.09% at 116.40p at 0813 BST.

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Market Data

Currency UK Pounds
Price 90.05p
Change Today -2.55p
52 Week High 131.40p
52 Week Low 88.20p
Volume 4,070,462
Shares Issued 660.36m
Market Cap 594.66m


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  Final Interim
Ex-Div 12-Dec-19 23-May-19
Paid 27-Jan-20 02-Jul-19
Amount 4.80p 2.70p