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Marston's launches £176m rights issue
Marston's, the Wolverhampton-based pub operator and brewing company, has launched a new £176m rights issue to help fund the acquisition and development of new build pubs.
The company said that it plans to use around £140m of the net proceeds to accelerate its strategy of providing new pub restaurants that cater to its 'F Plan' - food, families, females and forty/fifty-somethings. The remainder of the proceeds will be used to repurchase debt. Ralph Findlay, Marston's chief executive, said: "The current market environment represents a rare opportunity to secure excellent sites on attractive terms. The roll-out of new-build pubs can generate higher returns at lower risk than acquiring mixed packages of exsiting pubs.
"The rights issue will allow us to take advantage of situations arising in the current economic climate and accelerate the roll-out of the new-build pubs in attractive locations at attractive investment costs."
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