Marston's mulls sale of pubs which "no longer satisfy" its strategy

Pub group Marston's has confirmed it is considering selling a number of pubs across its estate which "no longer satisfy" its core strategy.

The company currently operates approximately 1,482 pubs across the UK and employs around 12,000 people.

Propel reported this week that around 50 Marston's pubs spread across England and Wales had been put on the market.

A Marston's spokesperson said: "As you would expect, we review our estate from time to time as part of normal course of business.

"We are potentially looking to dispose of a small package of non-core pubs which no longer satisfy our pub strategy.

"In the event of a successful transaction, any disposal proceeds raised will be used to further reduce the Company's debt in line with our stated strategy. A further announcement will be made as appropriate."

In a update in May, Marston's said it was aiming to reduce its net debt below £1b by 2025.

The group reported like-for-like sales had reached 97% of 2019 levels in the first half of the year despite restrictions over the Christmas trading period.

The company posted a return to pub operating profit of £39.9m but reported an underlying loss before tax of £7.5m.

Marston's sold 137 pubs to rival Admiral Taverns for £44.9m in 2019.