Platinum Equity Advisors targets Marston’s pub group takeover

Pub giant Marston’s has been approached by a US private equity firm over a potential takeover.

Shares in the Wolverhampton-based company surged by more than a fifth immediately after it confirmed the proposal regarding a potential cash offer by Platinum Equity Advisors.

The proposal comes as all of Marston’s 1,368 pubs remain shut to customers due to the national coronavirus lockdown.

In a statement to investors, Marston’s said: “The board will evaluate the proposal with its advisers and a further announcement will be made in due course.

“There can be no certainty that any firm offer will be made for the company, nor as to the terms on which any firm offer might be made.”

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Earlier this month, the group said it posted £54 million in revenues for the three months to January, sliding dramatically from £1.17 billion in the same period a year earlier due to the pandemic.

It said it was nevertheless focused on its strategic development and would use £233 million collected from a joint venture with Carlsberg UK to reduce debts.

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