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Secondary Recommendation

Marstons - Expansion of large food-led pubs to trigger re-rating

July 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • MARS
  • Price:
  • 146.5p
Marstons, which has 1,800 pubs across the country, traditionally made most of its money from wet-led taverns selling a selection of beers and had faced gentle decline because of issues ranging from the smoking ban to cheap supermarket booze. However its fortunes have been transformed thanks to the implementation of a brand new strategy based on opening family and female friendly pubs capable of serving decent food at affordable prices. Marstons has now opened 100 new-build pubs, which cost between £2.5m-£3m and generate £0.4m in profit, a far cry from its legacy “spit and sawdust†drinks-led pubs, which typically make just £50,000-£100,000. With this year’s World Cup (all its pubs have large screens) and an improving eco ...

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