UK’s main pub chain selling out bars due to energy prices – RT Business News
UK pub operator Marston’s has announced plans to sell some of its sites, saying revenue in the year to October was still 1% down on 2019 as sales continued to be hit by the worsening cost of living crisis.
“We have some non-strategic lower end sites which we will sell over the next year…our strategy is not to be a group of city and city center pubs,” Marston CEO Andrew Andrea told The Standard, warning that electricity prices in recent weeks have been higher than expected due to a « volatile market ».
Andrea added that the sale of the pubs was unlikely to include London sites because « They still work quite well. »
According to the executive, there were signs of green shoots in the business, with revenue in recent weeks up 4% above 2019 levels and hopes of a World Cup rebound later this year.
« If I look at the Premier League and Champions League seasons to date, people are still going out to pubs to watch sport – it’s a good place to go with friends, » he told the media. « As the tournament goes on, if England are there, you see an increase in sales. »
UK pubs and brewers risk closure – FT
In September, Marston’s rivals Mitchells & Butlers warned of tighter margins in its new fiscal year as costs rise. Last week, Wetherspoon’s said annual operating costs had almost doubled.
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