Marston's PLC Acquisition (9778I)
March 31 2015 - 5:00AM
UK Regulatory
TIDMMARS
RNS Number : 9778I
Marston's PLC
31 March 2015
31 March 2015
MARSTON'S PLC
ACQUISITION
Marston's PLC ("Marston's") is pleased to announce that it has
reached agreement with Daniel Thwaites plc ("Thwaites") to acquire
the trading operations of Thwaites' beer division. The acquisition
includes two leading, premium brands: Wainwright and Lancaster
Bomber ales. The total cash consideration is GBP25.1 million
excluding working capital.
Marston's has been brewing Thwaites' beers since early 2014. As
part of this acquisition, we have entered into a long-term
exclusive agreement to supply all beer, wine, spirits and minerals
to Thwaites' pub estate.
Thwaites' beer division is a high quality sales business of
scale concentrated in the North West of England, including a
150-strong team of regional sales, marketing and distribution staff
operating in the Independent Free Trade, National On Trade and
National Off Trade channels. The business has shown good growth in
recent years, including the acquisition of Hydes Brewery's free
trade business in 2012 which increased Thwaites' business in
Manchester.
Thwaites' two principal beer brands are Wainwright, one of the
most popular golden cask ales in the UK and Lancaster Bomber, a
premium ale. Both brands have won numerous awards in recent years
and are highly complementary to Marston's market-leading portfolio
of premium craft and bottled ales.
This acquisition is consistent with Marston's brewing strategy
to focus on popular premium ales with local and regional appeal,
and provides an opportunity to capitalise on the developing free
trade market and wider consumer interest in the beer category.
The transaction is expected to complete on 17 April 2015. In the
12 months to December 2014 EBITDA is estimated to have been around
GBP7 million before overheads of approximately GBP2 million. The
acquisition is expected to be earnings-enhancing in the first full
year of ownership; in the current financial year it is estimated
that the contribution to profit before taxation will be around
GBP1.5 million.
Commenting on the transaction, Ralph Findlay, Chief Executive
Officer of Marston's, said:
"I am delighted to welcome our new colleagues to Marston's. We
are acquiring a very high quality business with good people and
brands, and with growth potential. The acquisition is consistent
with our beer business strategy to focus on local provenance and
premium brands, and provides opportunity to capitalise on the
developing free trade market and increasing consumer interest in
the beer category."
Enquires:
Marston's PLC Tel: 01902 Instinctif Partners Tel:
329516 020 7457 2020
Ralph Findlay, Chief Executive Justine Warren
Officer
Andrew Andrea, Chief Financial Matthew Smallwood
Officer
NOTES TO EDITORS
-- Marston's is a leading pub operator and independent
brewer.
-- It has an estate of around 1,700 pubs situated
nationally, comprising managed, franchised and
leased pubs.
-- It is the UK's leading brewer of premium cask
and bottled ales, including Marston's Pedigree
and Hobgoblin. The beer portfolio also includes
Banks's, Jennings, Wychwood, Ringwood, Brakspear
and Mansfield beers.
-- Marston's employs around 13,000 people.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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