Marston's agrees new bank facility

FTSE 250 pub operator Marston's has agreed a new bank facility to replace the £257.5m existing facility that was due to expire in November 2018.

The new facility extends to March 2022 and comprises a £320m loan commitment, with an incremental £40m accordion facility providing additional flexibility, at improved terms.

It will be provided by Barclays, Lloyds, HSBC, Santander and the Bank of Ireland.

Chief executive officer Ralph Findlay said: "This new facility further improves the efficiency of our funding. It provides the Group with the certainty of long term financing whilst also taking advantage of current low interest rates, enabling Marston's to fulfil its future expansion plans in the most cost effective way possible."