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Marston's To Sell 137 Pubs To Admiral Taverns For £44.9 Mln - Quick Facts

British brewer and pub operator Marston's Plc (MARS.L) announced Monday that it has reached agreement for the disposal of 137 pubs to Admiral Taverns for 44.9 million pounds.

The company said the sale is in line with its plans to reduce debt in part through the disposal of certain non-core assets. The disposing assets are smaller wet-led leased, tenanted and franchised pubs. The deal is expected to complete before the end of November.

The pubs being disposed recorded EBITDA of 4.8 million pounds and operating profit of 3.7 million pounds for the year 2019. The pubs have a book value of 62.6 million pounds.

Marston's expects the disposal to result in average profit per pub in the retained estate increasing by around 7 percent and return on capital improving by 0.2% post the transaction.

Ralph Findlay, Chief Executive Officer, said, "We remain focused on our stated objective of reducing our net debt by £200 million by 2023 or earlier, and thereafter operating a high quality business generating consistent net cashflow, after dividends, of at least £50 million per annum."

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