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I've held MARS since April 2016 paying a bit too much for them but did one top-up slightly lower than their current sp leaving me a few pence from breakeven, although with the excellent divi I am well in profit and will continue to hold for the divi or/and a higher sp.
Thanks for your Christmas wishes Trent700, I wish the same for you and for all other holders.
Got canned yesterday. I was a bit worried he'd get in.
I can't really say I'm much of a Tory fan, but better them than Corbyn, and at least we have a bit of stability now.
The spike here is welcome too. £101 up this morning so I sold on the spike to lock in my profit, but I will be buying back in when we get the retrace. Freebies are freebies after all, better still when they are dividend paying freebies.
As I say, I only have experience in lending to individuals and not commercial lending, so that's not really one of my areas of expertise.
Regarding food quality, I guess it depends from venue to venue how the food fayres.
I've only eaten in 2 Marston's pubs myself, one at The Greenfinch in Didsbury a few years ago & The Glassworks in Stourbridge a couple of times while visiting friends and found both to be very good. Doubtless there will be a few places that need improvement but that's just the way it can be sometimes I guess.
Trent You are quite correct but in Marstons case they negotiated fixed term loans on something similar to a derivative contract which is why they have this mark to market loss on their loans in the latest accounts, interest rates have dropped so a fixed rate higher up is costing them. I had this from RF in an email exchange & of course it is easy to see why fixed rates were attractive to them as their borrowings were so large that a 1 or 2 percanntage rise could have had very serious consequences. We are on the right road now though, cutting borrowing by selling underperforming assets whilst concentrating on their core business, brewing, has to be a sound strategy. It is a pity that their food offer is so crummy, that could have hiked their revenue significantly, but you only eat in a Marstons if you really have to.....
*well, I used to work lending to private individuals, and not in business lending so I know that it is possible to make overpayments on those types of loans. Not sure if you can or can't do that with business loans or not, but wouldn't have thought you couldn't.
Reducing the cost of their borrowing liabilities has to be a good thing. Maybe if he was to go that little step further by using those savings to help reduce the debt even further also makes sense to me if it is possible to make those overpayments.
I used to work for a bank on the lending team, so I do know a fair bit about this and it is possible to do this.
I understand that business lending works differently to lending to the general public but would have thought that the banks would welcome overpayments from all borrowers, so that they could get that money out working for them elsewhere.
Confess to being a tad disappointed when I glanced over the results, borrowing up a smidgeon on new builds and the pension deficit. However the debt level should start decreasing now and is 2/3 the way there for 2020, with no capital outlay on new builds this year the chances are the debt will come down quicker than expected, as mentioned in these results but not the interims. (That I saw) Good to know some capital spending is going to update the existing portfolio. After a slow start the market seems to like it.------Hope that's not the kod
As I say, I've not had a detailed read through all of it as yet, I had just had a read through some of the headline points while giving our boys their breakfast this morning. Probably not the best time to go through something as important as this. I'll go through it properly in more detail during the day to get the bigger picture.
I get the point about not being sure about where the £70m of disposals. Maybe they've identified a number of poor performing outlets to offload. If that is the case, then perhaps it might be sensible to get rid of them, as long as they can find someone to buy them and make these pubs pay their way for them.
As we all know, debt here is quite eye watering, but on a positive note, it does seem to be reasonably well managed, and Mars do seem to be reasonably smart enough to have come up with a strategy to chip away at it, and still be in a strong enough position to maintain divvi levels.
I'm sure I've mentioned this before at some point, but a good few years ago I was in PFD, and they have/had similar debt levels to ourselves, but they've not paid a divvi for years.
@ Bamps, RE: my bathroom, yes, I'm almost there with it now. Had the technical surveyor round on Sunday gone to price up how much I'm gonna get stung for fitting all the new stuff we had to buy. £9k in total for all the new stuff & fitting. Ouch!
I'm beginning to understand now how the fat kid at school used to feel when the bullies used to nick his sweets at play time now.
Trent I agree, the loss on their mark to market of their fixed rate loan agreements was a bit tough though, if that says anything it is that the new Chairman was wise in going for a reduction on their borrowings ?
Hi Trent Hope you got your bathroom straight. The report wasn't that good in my opinion. New builds last year pushed up debt a bit, be glad when they stop them. The remark about 70m of disposals confused me, after the sale of £45m worth of assets does that mean there is more to come. £1.4bn of debt is huge reduction of 200m just a drop in the bucket Why not have a share offer to existing shareholders and get the debt down a bit ATB:))