Marston's said to be prepping sale of Pitcher & Piano
By Duncan Ferris
Date: Monday 08 Jul 2019
(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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