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fairdealer, my suggestion to you would be to contact the company with your questions. Tell them you're a small time shorter who believes he knows better than those running the company. I'm sure they'd appreciate a good laugh in these difficult times. Perhaps you could ask them if they've encountered any problems ordering "consumerables"?
I deal in facts not aspirations. You published a link ( Scottish Herald) which was written last November (pre-virus) which gave information which is completely out of date and bears BO relevance to the current situation. Now, why would a poster do that?
The question " sufficient liquidity" has not been answered. Can you please state what you understand sufficient liquidity means in respect of MARS? Is it cash in hand, free asset value within the Estate or what? As pointed out the Company have sold some of it's estate at a considerable discount and the current climate will have an adverse effect of all Public Houses. Can you now identify where I have mis-represented posts? I'd be grateful.
There is no argument fairdealer. In future, please read what's written in the RNS and don't attempt to misquote from it, or misquote other posters, or make out certain key wording such as "sufficient liquidity" doesn't exist or exists only in "pre-virus press reports". I suggest you read the FCA footnote on this page regarding the posting of false and misleading information.
barchild. It isn't my "sufficient liquidity" it was written just a few days ago by the company in an RNS. Not pre covid. A few days ago. Are you trying to claim you know better than the insiders running the company? Are you really that stupid?
giantsquid It may perhaps be wise to note that when Mars sold a collection of pubs late last year they were all sold at a discount to book value. You certainly don't need to be brain of Britain to appreciate that post covid pub estates are worth rather less than before, so when the lenders start acting on this, as logically they will, what happens to your "sufficient liquidity" then ? I would be interested to know, please.
Yes, it can be difficult keeping young children busy. That said there's always something an "old school" character like myself can muster for them to do, our youngest lad is at an age where he wants little jobs to do all the time. Needless to say our house is almost spotless. Well, if he wants his pocket money........
Then of course theres my old friend Facebook. Stirring up the gentle souls. who are offended at everything do give the mind a moderate work out. Happy days.
The RNS (7th May) states Noteholders have been asked to waiver certain conditions/requirements and to give a decision by 27th May. 50% of noteholders have indicated a willingness to discuss subject to their various partners agreement. The Company has declared borrowings circa £1.3billion.
Noteholders may require a Current Valuation of the Estate and "possibly" demand a revised Charge.
The extended Furlough is a double edged sword. In one respect relieves a Company of a Financial Burden, in another the Ballooning costs added to the National Debt has to be repaid and one way or another Consumers will have a lowered disposable income.
The viability of trading, given whatever distancing rules are in place, remains to be established. Some Venues may find it fairly straightforward whereas others will find it impossible. The biggest issues for hospitality facilities will be hygene and toilet access.
The beer market has fallen 80% even though breweries and beer sellers have concentrated on bottle/can sales. Some breweries are encountering significant difficulties in obtaining consumerables, one brewery who used glass have had to change to PEC and last week received 1 pallet out of an order for 10. This is a relatively small brewer but indicates the problem.
Marstons do have assets which hopefully will not be heavily devalued as a result of events outside of it's control.
From the last RNS, dated 7th May, Marstons BoD say they are confident they have sufficient headroom on both their bank and securitised facilities, supported by a 93% freehold estate. They say they have sufficient liquidity to maintain operations at a materially reduced level of business.
The extension of the furlough scheme will also be welcome no doubt and another positive.
Fairdealer TBH we are quite enjoying it, but the prospect of 14 days self isolation upon return does not fill me with deep joy ! If you google "The Times James Hurley" you will see his articles (he is enterprise editor) and the article headed "Rent cut crucial to lifting our spirits" say publicans, is the one to read. It is a substantial article which seems well researched, the last part of it is Marstons specific. Apparently the barrister being used is Stuart Cakebread from Cerulean Law, in London EC4. And yes, the "Pub Advisory Service" also gets a mention. What does not sound promising is that the Adjudicator last year found Mars had broken rules & was "significantly deficient" in its treatment of the complainant by failing to provide him with accurate information etc...... I am pretty sure this is the same case that the Pub Advisory brought to our attention on this board last year. I think we can all make ourselves better informed now that this is in the public domain.