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Marstons

January 2015

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.

The unexpected vote to scrap the beer tie, under which pub tenants must buy their beer from their landlord rather than the open market but in return receive perks such as discounted rent and help refurbishing fixtures and fittings, did not mangle Marstons’ share price. The reason is that it is now six years through a strategy to reconfigure its business towards faster-growing food-led managed pubs as well as converting most of its tenanted pubs to a retail-led franchise system. These two sources now comprise 75% of its profits and will keep rising.This reconfiguration has led to one-off losses in its final results of £117m related to losses on disposal of 388 pubs, reorganisation costs and recognition of onerous lease p ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Marstons

January 2015

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