Pub group Marston's seals £55m acquisition as profits soar
Pub and brewery group Marston's has revealed rising revenue and profit as it announced it is to take over a family brewing business for £55 million.
The Wolverhampton-based Banks's brewer has agreed a deal to acquire the Charles Wells brewing business in Bedford, which makes beers such as Bombardier, Courage, Estrella and McEwan's.
The £55 million deal does not include the group's pubs.
It came as Marston's which also has pubs across Shropshire and the West Midlands, revealed a two per cent rise in revenue to £451.5 million and a jump of 61 per cent in pre-tax profits £36.7 million for the 26 weeks to April 1.
That was despite Easter falling later in the year, pushing it into the second half of the year
Chief executive Ralph Findlay said: “Marston’s has been transformed over the last 10 years by the consistent implementation of our established strategy. In that time, we have built around 200 pubs on new sites representing 60 per cent of the destination estate today, and we have developed a leading premium pubs and bars business.
"The taverns estate has been repositioned, having sold around 1,000 pubs and introduced pioneering franchise-style agreements designed for community pubs. In brewing, we lead the premium ale market and benefit from a growing contribution from craft beers and international licensed brands, including premium European lager brands.
“Our market position will be enhanced by the acquisition of Charles Wells Brewing and Beer Business and we remain confident our strategy will continue to create value for shareholders.”
