Marston's sells 137 pubs for £45m

Marston's on Monday said it was selling 137 pubs to Admiral Taverns for £44.9m as part of its plan to cut debt through the disposal of non-core assets.

The pubs being sold are smaller wet-led leased, tenanted and franchised pubs, the company said in a statement, adding that the deal is expected to complete before the end of November.

Chief executive Ralph Findlay said Marston's was making “good progress” on its plans to reduce net debt by £200m by 2023.

“We are encouraged by the level of market interest that this portfolio of pubs has attracted. This further underpins our confidence in achieving the accelerated £70m disposal proceeds target that we have set ourselves for the current year.”