Marston's PLC Financial Waiver and Reopening Update (5718U)
April 07 2021 - 01:00AM
UK Regulatory
TIDMMARS
RNS Number : 5718U
Marston's PLC
07 April 2021
7 April 2021
MARSTON'S PLC
("Marston's" or "the Group")
Financial Waiver and Reopening Update
Marston's PLC provides the following update in respect of
financial covenant waivers and reopening plans following the recent
Government announcements.
Financial Covenant Waivers
Further to the statement issued on 26 March 2021, the Group can
now confirm that it has secured waivers and amendments to its Bank,
Private Placement and Securitised facilities for the financial
periods up to and including 1 January 2022.
Within the securitisation, Marston's had strong support from
bondholders who have approved waivers for the two-quarter tests to
2 October 2021 and the four-quarter test to 1 January 2022. The
Group's banks and private placement have approved the adoption of
liquidity and quarterly profit covenants to 1 January 2022.
This collaborative approach was helped by open and constructive
dialogue in a period of great uncertainty and underlines the
importance of good, long-term relationships with all our
stakeholders.
Reopening Plans
The Group expects to reopen around 70% (c.700) of its managed
and franchised pubs in England with outdoor spaces on or around 12
April and, subject to final regulatory confirmation, the majority
of our Scottish and Welsh pubs on 26 April.
On the basis that the stated reopening roadmap set out by the
Government is adhered to, the remaining managed estate in England
should open on or around 17 May with restricted indoor trading, and
we are assuming a return to normal trading conditions from 21
June.
The Group will announce its Interim Results for the 26 weeks
ended 3 April 2021 on 19 May 2021.
ENQUIRIES:
Marston's PLC Tel: 01902 329516 Instinctif Partners Tel: 020
7457 2010/2005
Ralph Findlay, Chief Executive Justine Warren
Officer
Andrew Andrea, Chief Financial Matthew Smallwood
and
Corporate Development Officer
NOTES TO EDITORS
-- Marston's is a leading pub operator with a 40% holding in
Carlsberg Marston's Brewing Company
-- It operates an estate of around 1,500 pubs situated
nationally, comprising managed, franchised and leased pubs
-- Marston's employs around 11,000 people
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