Midlands brewer Marston’s plans to open 60 new managed pubs over the next three years largely funded by its £165m rights issue agreed at the end of last month.
The pub company said it expects to start developing nine sites by the end of the year and open 15 pubs next year.
“Although we remain cautious because of the current economic and trading environment, we are confident of meeting our expectations for the year,” Marston’s said.
Despite the recent wet weather, the group reported turnover was 1.9% below last year for the 43 week period to 1 August compared to the 2.8% decline previously reported for the 26 weeks up to 4 April this year.
Like-for-like sales for the managed Marston’s Inns and Taverns were 1.2% below last year while food like-for-like sales were up by 2.2% in the 43 weeks and 6% in the six weeks to 1 August.
Food sales now represent around 38% of total retail sales in the managed pub estate.
Brewed ale volumes also increased by 13% while premium ale volumes rose by 31% and now represent 53% of the ale portfolio.
Off-trade bottle volumes of Marston’s Pedigree, the official beer of England Cricket, more than doubled during the Ashes season.
Marston’s to raise £176m to accelerate pub development >>
Marston’s profit down despite growth in food sales >>
Marston’s confident after sales improve >>
By Emma White
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