10th May 2007 11:59
Marston's PLC10 May 2007 10 May 2007 MARSTON'S PLC Sale of 279 pubs Marston's today announces the sale of 279 tenanted pubs to Piccadilly LicensedProperties Limited, a company owned and controlled by aAIM Group for a cashconsideration of £82.5 million. This cash consideration will be payable immediately, subject to certainadjustments for working capital items. Cash proceeds from the sale will be usedinitially to reduce net debt. For the financial year ended September 2006, the pubs being disposed ofgenerated EBITDA of £7.5 million. As at 28 April 2007, the pubs had a grossasset value of £81.1 million. Ralph Findlay, Chief Executive of Marston's, commented: "The effects of this disposal are to increase the average quality of ourtenanted and leased estate, and to place us in a better position to takeadvantage of positive market trends, including growth in pub dining." Enquiries: Marston's PLC 01902 329 516 Ralph Findlay Paul Inglett Hudson Sandler 020 7796 4133 Andrew Hayes Nick Lyon James White PwC Corporate Finance 020 7583 5000 Sean Williams This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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