Marston’s looks to raise £176m in rights issue

18th June 2009, 11:50am

Pub company and brewer Marston’s has raised a rights issue for £176 million and has said the money will fund the acquisitions and development of new pubs.

In a statement the pub company said: "Marston's intends to use approximately £140 million of the net proceeds of the Rights Issue to acquire and develop new pubs in the short to medium term. 

"New build pubs benefit from being purpose built and are typically large food-led destination pubs located on high visibility sites in dense populations sites."

Marston's added that a decline in the property market had paved the way for development opportunities.

Chief executive, Ralph Findlay said: "The Rights Issue will allow us to take advantage of situations arising in the current economic climate and accelerate the roll-out of the new build pubs in attractive locations at attractive investment costs."

Related Articles:

• 15 Oct 2009 - Marston's offers free kids meals to celebrate new menu
• 01 Oct 2009 - Travelodge and Marston's join forces
• 05 Aug 2009 - Marston's set to expand despite recession

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