Pub company Marston’s has confirmed reports that US-based Platinum Equity has made an initial approach to take the Wolverhampton-based operator private.
According to reports by Bloomberg, the operator of close to 1,400 pubs received an unsolicited non-binding proposal from the American firm regarding a possible cash offer for its share capital.
Marston’s has since confirmed the news, releasing a statement revealing that its 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,” it added.
Most brewers are postponing beer price increases until later in the year, The Morning Advertiser (MA) can reveal.
Previously, brewers have increased beer prices towards the start of the year, which has tended to be in line with inflation.
This year,
The MA understands, Heineken will be increasing its prices on draught products from April with rises ranging from 2.8% to 4.5%.
Heineken UK on-trade director Stephen Watt said: “Throughout the pandemic, our priority has been to help pubs and bars through the most difficult trading period in generations and get them back on their feet, serve communities and be viable once again.
Marston’s launches low calorie premium beer
Marston’s Brewery has unveiled 88-calorie, 4.7% ABV pour Resolution, which is available in 275ml bottles.
According to its makers, Marston’s Resolution delivers “punchy flavours” having undergone a double fermentation process to create a “strong, refreshing beer that’s less filling and easier to drink”.
“After Christmas, a lot of us make changes to our lifestyle and we are pleased we can offer a beer with 88 calories, which can help people keep to their new resolutions, but does not compromise on taste,” Kirsty Polmeer, marketing manager at Marston’s Brewery, Carlsberg Marston’s Brewing Company, said.
During the 13-week period, trading was materially disrupted due to Covid-19 related trading restrictions imposed across England, Scotland and Wales. Total pub revenues for the quarter were £54 million. Following the imposition of lockdowns across the UK in recent days, all our pubs are closed. We do not have certainty about the timing of reopening, but in view of comments from the Prime Minister about the potential for lifting restrictions as the vaccination programme progresses we anticipate that pubs will be closed for trading until March at the earliest, and expect some of the previous restrictions to remain on reopening. Despite this disruption, we remain focused on the strategic development of the business.
Marston’s chief executive Ralph Findlay has described an extended business rates holiday and a VAT cut throughout 2021 as a ‘minimum requirement’ after the imposition of England’s third national lockdown.
Following the release of the Wolverhampton-based operator’s trading update for the 13 weeks ended 2 January, Findlay explained that the pub sector remained in a “very difficult position” having spent most of the last nine months closed.
Marston’s Q1 statement also forecast that, in light of comments made by the Prime Minister about the potential for lifting restrictions and vaccine rollout, pubs will remain closed until March at the earliest.