7th Apr 2021 10:15
(Alliance News) -Â Marston's PLC on Wednesday said it expects to open the majority of its managed and franchised pubs in England with outdoor spaces from the start of next week.
On or around this coming Monday, the firm expects to reopen around 70%, or 700, pubs in England with outdoor spaces, and the majority of its Scottish and Welsh pubs in April, subject to final regulatory confirmation.
"On the basis that the stated reopening roadmap set out by the government is adhered to, the remaining managed estate in England should open on or around 17 May with restricted indoor trading, and we are assuming a return to normal trading conditions from 21 June," said Marston's.
The pub operator added that it can confirm it has secured waivers and amendments to its bank, private placement and securitised facilities for the financial periods up to and including January 1, 2022.
Within the securitisation, Marston's said it had "strong support" from bondholders who approved waivers for the two-quarter tests to October 2 and the four-quarter test to January 1. The group's banks and private placement have approved the adoption of liquidity and quarterly profit covenants to the start of 2022.
"This collaborative approach was helped by open and constructive dialogue in a period of great uncertainty and underlines the importance of good, long-term relationships with all our stakeholders," said Marston's.
Shares in Marston's were up 3.1% at 102.42 pence in London on Wednesday.
By Lucy Heming;Â [email protected]
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