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Marston's sales down 30% but JV gets green light
StockMarketWire.com
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Pub chain Marston's took a 30% hit to sales due to the UK's nationwide lockdown.
In a trading update ahead of its preliminary full-year results - expected on 10 December - the company said group sales for the year to 3 October 2020 totalled £821 million.
The impact was partly offset by off-trade sales volumes for its beer business rising 23% during lockdown.
Marston's said it did not expect to require the £70 million bank facility it secured in May. It also forecast that its joint venture with Carlsberg - approved by the Competition and Markets Authority earlier this month - will bring in initial net proceeds of £230 million.
Since lockdown measures were eased from July, the company has reopened 99% of pubs, although some have since been closed again due to new restrictions in Scotland.
At 8:01am: (LON:MARS) Marstons PLC share price was -0.6p at 44.24p
Story provided by StockMarketWire.com
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