Pub giant Marston’s has been approached by a US private equity firm over a potential takeover.
Shares in the Wolverhampton-based company surged by more than a fifth immediately after it confirmed the proposal regarding a potential cash offer by Platinum Equity Advisors.
The proposal comes as all of Marston’s 1,368 pubs remain shut to customers due to the national coronavirus lockdown.
In a statement to investors, Marston’s said: “The board will evaluate the proposal with its advisers and a further announcement will be made in due course.
“There can be no certainty that any firm offer will be made for the company, nor as to the terms on which any firm offer might be made.”
Shares in brewer and pub group Marston s rallied today after the company said it has received an informal takeover offer from a US private equity firm.
The FTSE-listed company, which has around 1,400 pubs across the UK, said Platinum Equity Advisors has made a non-binding proposal for a potential all-cash takeover .
The Wolverhampton-based company said the board will evaluate the offer and make a further announcement in due course, but added there is no certainty of a firm offer at this stage.
Takeover offer: Should Platinum buy Marston s, it would become the latest of a string of UK pub groups to be taken private
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(Reuters) - Pub group Marston’s, brewer of Pedigree, Hobgoblin and Lancaster Bomber beer, has caught the eye of U.S. Platinum Equity Advisors which is looking to make a cash offer for the two-century-old firm, the British company said on Friday.
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Shares in Marston’s jumped 16.9% to 87.7 pence by 1357 GMT after news of the unsolicited non-binding approach. The firm was valued at about 473 million pounds ($649 million) at closing prices on Thursday, according to Refinitiv Eikon data.
The pubs sector has been in decline for many years and most recently has been hit by forced closures to contain the spread of the new coronavirus, along with restaurants and other leisure businesses. The company’s shares fell 40.6% in 2020.
The pubs industry is set for a wave of mergers and acquisitions as industry veterans seek to raise funds for deals.Mark McQuater, the former boss of Barracuda Pub Company and Revolution Bars, and Mark
Greene King revives team member support fund for third lockdown
Brewer and pub operator Greene King has launched a new Covid emergency support fund using voluntary salary sacrifices from its executive board and leadership team alongside a company donation in order to help its team members during lockdown three.
The new team member support fund mirrors the first edition which ran from March to June 2020, through which Greene King donated £650,000 in grants for team members to access essential food and retail vouchers.
Once again, the fund will again be managed independently by Licensed Trade Charity.
“It’s a really tough start to 2021, back into lockdown and all of our pubs closed,” Nick Mackenzie, CEO at Greene King, said. “Most of our team members are furloughed, and we know how severely this is affecting some of our people financially, so we wanted to bring back the team member support fund to help the members of our team who need it most at this really difficult t