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Carlsberg have concentrated on production (Brewing) and not so interested in Pub Ownership.
The 60% ownership relates purely to the Brewery Company ( CMBC). It is highly likely they ( Carlsberg) will eventually own the 40% of the Brewery, retained by Marstons.
The loss of an Iconic Pub ( Crooked House) is very sad. Apart from the recent sale, Marstons had completed a big renovation earlier this year....new roof etc.
Earlier this year the unlikely tourist attraction was put up for sale with a guide price of £675,000. On Friday a Marston’s spokesperson said: “We’re delighted to confirm the sale of The Crooked House has now completed.
On Saturday 5 August 2023, a fire broke out in the pub. Appliances from Staffordshire Fire and Rescue Service and the West Midlands Fire Service were initially unable to access the site as the only service road to the pub had been blocked.
Marstons sold the "wonkiest pub in Britain" thefor an undisclosed sum,two weeks later its burned to the ground,that one will never sell beer again,
Heard Very sad news today, Crooked House burnt down last night. 2 weeks after sale completed apparently … Terrible loss of an historic building.
As marstons are shackled to carlsberg,and carlsberg are not skint,is there any reason that carlsberg could be the new predator,as they actually own 60% could that have been just the thin edge of the wedge,
Fair comment Fairdealer. I live in Brains Country and hear that our local 'Old fashioned beer drinkers pub" has started putting out nice Sunday Roasts, which I need to look into. It was languishing in need of a face lift, but even just a deep clean would be an improvement. I was surprised when they did the Brains Leasehold deal but guess that allows them to reduce their estate of pub property and still be running pubs. Apparently, Carlsberg is not skint! Ha .. DYOR
Macq the basic problem is debt and now another Bank rate increase which will relay to the floating charges attached to some of the Loans.
Would;nt it be lovely to get the 180p some bright sparks were pushing a few days ago. Anyone who believes such tripe needs to see a doctor.
As far as take=over is concerned, MARS is shackled to Carlsberg, which any predator will be aware.
I’m currently sat in a Marstons waiting for food, good amount of folks here right now.
It’s now weekly Thursday night quiz!
Can’t wait for my 30% booklet to arrive ;)
PRIMED FOR A TAKE OVER, and I’m in at 31p a share!
I Have to agree there,when in the covid era all pubs,clubs restraunts were closed and not trading the share price was at a 5 yearly low of 26.30,now we have good weather,no restrictions people staying in Britain for holidays and the share price is 30.05,wetherspoons,mitchels and butlers all doing fine,,,,any suggestions !
Where have all the " Rampers" gone ? You know, £0.35 by the end of the week, Prime for a takeover, I"m in at these prices, totally undervalued, etc. etc ? Batten down the hatches boys and girls beware the Wilko phenomenem . by the way i hold 13,000 Mars shares at an average of £0,70 so i am involved unlike some on here !!!!!
mm
Agree with alot you say especially as SP slips under 29 again today.. , though my experience of the pubs last weekend differs, Went to a local Marstons Saturday night, good atmosphere with plenty eating, nice staff, nice food. 61deep, Sunbeam, Wainwrights on tap (£4)..Karaoke came on later. Yes, could go to a Whethey with much cheaper beer, but enjoyed the clean tables / carpet/ comfortable seating that the local Marstons offered this time.
Dream on my fellow investors, after a basically bland trading update Myself and Lady Shaperite decided to frequent our local hostelary for a " cheepie " on a Monday Night. Nothing has changed as we were told that although they were on the menu both the Rump Steak and the Sirloin Steak were unavailable because they had had a very busy weekend, which if you think about it they must have run out during the weekend, so unless they sold the last one to the last diner on the weekend , then other diners were refused also. The subsequent Fish & Chips were O.K. Although the mushy peas were hiding under a chip but at a cost of £12.50 per portion I considered it expensive !! ( As were the drinks ) I am affraid that the standards are starting to slip which is synonymous of the whole group it is still the debt that is problematic, irrespective of the so called assets, debt must be repaid with interest, asset are generally static especially when expressed in property. I sincerly believe that irrespective of another takeover bid which may or may not happen that we shareholders will be waiting a long, long time to see any light at the end of the tunnel !!!!
Surely at this current price MARS must be on the radar for a takeover bid again ? Remember we turned down a £1 plus bid in 2021 as our board said it undervalued the company? So with the pandemic firmly behind us the turnaround in MARS has started. I’m adding when I can as more & more people are staying local as going abroad prices have gone crazy with rising temperatures also putting punters off. I believe profits in MARS will grow & grow & so will the share price. GLA ps No brainer for me at this price especially with the yanks waiting to pounce & take us out.
I seem to remember my economics teacher (who came in from Unilever) saying in times of higher inflation debt is eroded in real terms over time, and those that borrowed got richer and expanded. The main thing here to me is that Marston can now easily cover their debt and with sales increasing the debt is reducing. Interest rates it is felt have almost peaked for the time being (once interest rates start coming down property values will rise) and in the meantime we still have a lot of growing summer sales left in us. All across the sector we see a recovery in progress (post pandemic). GLA.
I am old enough to remember the high inflation of the 1970's and frankly, inflation at 10% is doing the reduction in debt for the company. By all means nibble away at it by paying off 50 million a year but in real terms the debt has fallen by 100 million in real terms compared to a year ago. As a relative late comer to the investment scene, I always wondered why so many companies tolerated high debt levels, but of course there is tax relief on debt interest which makes things look different.
You say that but MAB shares are up 60% YTD and my short is causing me quite a lot of pain! Would you happen to know, if they sell property below book value, are they obliged to carry out a revaluation of similar properties?
That explains why the SP still hasn't taken off then. There needs a substantial debt reduction event to help this share - putting £60m worth of property out for sale (so no actual finalisation of those sales yet) barely dents that £1bn+ debt pile and indeed hasn't impressed the market.
There is no institutional short interest on MAB either, though it's worth looking at their debt service covenant, there was absolutely zero wiggle room at 8th April 23. Rates have since gone up and much of their debt is charged at SONIA+
https://www.mbplc.com/investors/securitisation-and-debt-information/key-terms-of-our-securitisation/
Suggest those in doubt scroll down to the reports on here and see Reuters with the stars and stripes :-
www.newsnow.co.uk/h/Industry+Sectors/Leisure+&+Hospitality/Pubs/Marston%27s
As well as all of the other reports as well.
Given that he thinks Reuters is American….
TBH the scale of the inflation and the subsequent speed of interest rate rises took everyone by surprise. The decision to reject offers below the NAV was fair back then.
Findlay and the board must regret not putting the bid to shareholders - I certainly do but a bidder now wouldnt offer more than 75-80p in a worse economic market - Many shareholders would snap their hands off
Do you know what "profit", "debt" and "interest rate" mean?...
Marston SALES results have exceeded expectations (when you consider the drinks partnership brewing growth has also not been added in). So not only have they exceeded sales growth on M&B but also have another Brewing arm up their sleeve.
Could it not be that anyone who had taken out shorts on M&B was buying them back and hence the price increase? Marston was not shorted at all when I last looked at short tracker.
However this sector is coming back for M&B, Marston and Whitbread and the fund managers in time will find us!
Yes, the board might be more open to accepting a takeover offer than it was 2.5 years ago - I would not be surprised if we get sold at 100p per share in 2 months (IIRC that was the highest figure rejected in February 2021?!…).