Marston’s put the pubs up for sale as part of a debt reduction strategy LEE BOSWELL PHOTOGRAPHYThe New York-based investment company that swallowed Majestic Wine in August wants to invest in the great British boozer. Fortress Investment Group, part of Softbank, the Japanese technology investor, is understood to be the frontrunner to acquire a package of about 150 leased and tenanted pubs from Marston’s for an estimated £45 million. Marston’s put the bottom-end pubs up for sale through Christie & Co as part of a debt reduction strategy. In January it outlined a plan to cut its £1.4 billion of net debt by £200 million by 2023, partly through “disposal of £80-£90 million of certain non-core assets”. In a recent year-end trading update, Ralph Findlay, the chief executive, said Marston’s was increasing its disposals guidance for the current financial year from…

Source: The Times October 24, 2019 23:03 UTC