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The guy has ruined this board

"unable to manage effectively"

Crikey, Wee Willy Winky cannot understand the function of Auditors also believes Accountants are qualified to undertake Property Valuations. Clearly has no clue on the financial management of a company, and tries relentlessly to encourage others to follow his inaccurate and misleading garbage. DO READ the Auditor's report for 2019 and make sure you are sober. The report clearly brings attention to the High Property valuations agreed by the Directors and when Ralph Findlay was in charge.

Comparison to M&B need qualification:

MAB's asset to debt ratio is 2.3 times covered

MARS asset to debt ratio is 1.5 times covered

Since 1st January MAB's SP has risen 60%, MARS SP has declined 22% in the same period.

Investors have greater confidence in MAB as the market confirms.

These are facts open for any serious , experience investor to consider.

The coming weeks will show how the 2 company's have performed, their results are published within a week of each other.

I am not invested in M&B and therefore don't feel appropriate to post on that board, but use comparable data from both company's to highlight the disparity between the 2, which IMO is down to historic poor management, a debt pile the company has been able to manage effectively.

It means MAB are better managed. They raised funds over 2 years ago, which reduced debt and provided for expansion.

Had MARS done similar the SP would be much higher now, instead of which asset disposal has been necessary

What tosh. Do read the Auditor's report and invent illusionary values.

The Auditors pointed out in September 2019 property values were too high, Directors took note and decreased values creating an impairment of £64m for the financial year ending 29th September 2019 well before the pandemic, which started in January 2020. After which ALL property values further declined as they are Now.

Rampers seem intent on distorting facts. The company debt stands at £ 1.6b . We will soon see ( Mid October) what progress has been made to reducing debt in the current year ending 30th September.

Sales increases can be bought, it is net profit that shareholders need to see.

Many hostelry's are reporting a dire july and August because of weather conditions. Let's see if Mars buck that trend!!

Some of us have been here longer than many and know how badly the company has been managed particularly by Ralph Findlay who has left a mess (debt) for others to sort out.

Come on the Auditors observed the over valuation of proprerties approved by the Directors,. This observation was contained within the Accounts finalised on 29th September 2019. The pandemic officially began in UK in January 2020 after which ALL property values were affected. If as claimed the Directors had foresight in yr 18/19, we should be a a very much better place than current as the SP proves.

The Valuation information may be considered negative, by some, but critical for intelligent and serious investors in their decision making.

Read the following statement issued by the Auditors who qualified the 2019 accounts,

Now apologise

""Valuation of the estate (notes 1, 4, 11, 12 and 18) – Group

and Company

We focus on the Directors’ annual assessment of the carrying value

of land and buildings because properties are a significant item on the

balance sheet and there are complex and subjective assumptions used

in the valuations, including the future expected financial performance of

pubs and the earnings multiples applied. A full external valuation of the

estate was undertaken during FY18.

In FY19, management have undertaken an exercise to identify if there

have been any impairment triggers or changes in value such as a

change in market conditions or a fall in the trading results of a pub or

segment. Other factors considered relate to property based transactions

both within the marketplace and the Marston’s estate, which could

indicate changes in the carrying value of the estate. Management have

noted such triggers and have recognised a net impairment charge of

£69.2 million, of which a net charge of £44.6 million has been recorded

in the income statement and a net charge of £24.6 million has been

recorded within the revaluation reserve within equity.""

Dulwichman, until Covid the BOD conducted in-house desktop valuations of the estate. These values were subsequently discovered to be wrong and downward valuations were then adjusted within the accounts.

The company then decided either willingly or by pressure from Lenders, to contract out Valuationsto suitably qualified valuers. The estate is now valued on a 3 year cycle, 1/3 of the estate valued each accounting year.

Not sure if District Valuers use the Red Book as do RICS Valuers.

I seem to have touched a raw nerve, SC? I deal in facts not hopes. Are you in PR for the company? You continually come out with statements which may be inside information. You know the sale value of recently sold properties. Where are those values published? They do not appear on Christy's site.

The re-development of any Pub site is not simple LA approval for change os use is required apart from Full planning permission, and do not forget many Pubs are regarded as Community assets, consequently Local groups and Councils take over the management of Local Assets.

A question you have failed to answer. If the company's performance is so good why have they breached loan agreements, not once but twice. That is a fact, please give an explanation as you are close to the Board.

As far as trading is concerned, just remember your own position. Shares bequeathed to you by your Godfather which you then admiitted to selling even though you insisted would not be sold.

I am not a trader and never will be, but like fair play where any investor has a fair and reasonable insight into a company they are either invested in or considering.

Be patient or a Patient in a secure hospital?

some her have nothing on Hans Christian Anderson.

Valuation are undertaken by RICS registered Survey Valuers NOT Accountants.

The belated summer is due to end on Sunday, so get to the Pubs 24/7.

Investors should not forget production cost of beer have risen considerably.

As for the sale of dormant/empty Pubs, any developer will think twice as many pubs require serious reconstruction/modification. Just look at the Crooked House saga!

I have passed 2 Marstons Pubs just off the A5, they have been boarded up for almost 2 years. Not a good investment for any would be developer in the current market.

Back to Griimms Fairy Tales!!!!

If the BOD is on the ball, why have they not published the other side of the balance sheet? 10% sales increase is fine but inflation on basics, food, staffing etc has been running at >16%.Any economies of scale, if at all, are pure speculation without the cost of inputs.

Many other Co's in the sector have adopted the same method of reporting ( just emphasing sales) which is very misleading.

A question that is unanswered....... what is the cost of increased sales??

It is profit which matters to shareholders.

Warren Buffett remains bullish on Oil and Gas shares, continues to buy huge chunks of stock in several Oil and Gas stocks.

As I understand the "Revere" brand was for a few Select Pubs where select menus were on offer. There must be little or no demand for high range meals.

So much for the CEO's comments, "customers have money and prepared to buy value added food"

Experienced Investors need to know Net Profits. Sales can be bought through heavy discounts.

SC you appear to have an insiders view, what is the Net Profits?

The points I identified have been ignored.

When were sales increased by 17%?

You seem to be confused with the inflationary increase in fresh food, which was more than 17% in the last accounting period. Sales are not achieved without costs, do you agree?

The situation at the Crooked House is now a crime scene and nothing to do with Marstons. It seem the New Owner already owned adjacent land. That needs to be considered when believing other Pubs have a similar value.

It would be interesting to know how many of the 60 pubs marketed by Christies have sold.

1Billion sales is not going to eliminate the Debt. You cannot forget the cost of sales.

Even though sales were up over 10% according to the last report, there was no mention of net profits, probably because food and raw materials had increased 17% during the accounting period under review. Marstons are not the only hospitality Co to have conveniently omitted input costs.

Whether the position was better or worse, pre-pandemic, what is the excuse to renege on Loan repayments?

It is a practice which inevitably hurts the small suppliers. Blue chip companys are past masters at delayed payment.

Your company's experience is testament too the damage done by delayed payments. BOC still have wages to pay!!!

Just surprising Brains with over 100 years history and a new Brewery in Cardiff were unable to keep the wolf from the door?

Seems to me the company needs to get a grip of it's credit control... they are far too lenient allowing customers so much credit!

Mmm, " well run company", not so sure, some of the current management have been in place when RF was in charge. Ralph Findlay made some aweful decisions, selling pubs, in a hurry, below market value, keeping SH's in the dark when Platinium made not one but 3 offers ( way above the current SP), agreed a rediculous deal with Brains, who were in serious financial trouble. The Leasing Agreement, with Brains is to run 20 years. Interestingly, just less than 6 months after the deal was confirmed, Brains placed the Freeholds of their Pub estate on the market..There is more too the story, I'll not bore you with it . Suffice to say the current management have inherited problems which have not served Shareholders well, hence the SP malingering in the low 30's.

On the face of it the SP is massively discounted against the NAV. That may appear an opportunity to make a substantial capital gain, however investors need to consider the other side of the coin........why have Asset Strippers not piled in, after all the SP has been in the low 30's for months. Any investor would be wise to research the background financials and contractual agreements (Carlsberg), which will paint a somewhat different picture.