Pub and hotel operator, Marston's has successfully secured an amendment and extension of debt facilities to the end of January 2025, as trading remains in line with expectations
The revised £340m debt facilities replaces the group’s existing £280m facility. Investors welcomed the news pushing the shares up 3% to 36.6p but they remain down over 50% over the last year.
The company continues to make progress on its Back to a Billion strategy which aims to get net debt below £1bn and grow revenues back to £1bn by 2026.
The company operates over 1,700 pubs and bars across England and Wales, around 300 tenanted and 500 leased and a hotel chain.
Marston's disposed of its brewing operations in 2020, selling the assets to a newly formed joint venture with the Carlsberg Group to create the Carlsberg Marston's Brewing Company (CMBC), in which Marston's plc holds a 40% share.