Marston's calls last orders at 200 pubs
MORE than 200 pubs could become supermarket convenience stores as brewer Marston’s offloads them to a property developer for £90million.
Marston’s is selling 202 less profitable street-corner pubs to NewRiver Retail, which plans to convert most of them into shops for supermarkets.
The group plans to use the cash to cut debt costs and to help fund a £170million drive to build 60 pub restaurants in the next two years.
It cited higher demand for pubs with food, while local community pubs offering mainly drinks are declining.
Chief executive Ralph Findlay, left, said: “Smaller wet-led pubs are finding life quite difficult.”
Marston’s which has about 2,050 pubs said pre-tax profit in the year to October 5 rose 1 per cent to £88.4million. Food such as wood-fired pizzas, build-your-own burgers and healthy options drove the rise.
Findlay said low prices remained important. “Despite much talk of recovery, consumers are still under the cosh.” Shares fell 11½p to 143¾p.
