Pub operator and brewer Marston’s PLC has agreed a new bank facility to replace the £257.5m existing facility which 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.
The new facility will be provided by Barclays, Lloyds, HSBC, Santander and the Bank of Ireland.
Ralph Findlay, CEO, commented: “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.”
Marston’s owns 1,569 pubs nationally and employs around 14,000 staff.
Earlier this year it confirmed that it was “on track” with plans to open at least 20 new pub-restaurants and bars and five lodges in the current financial year.