Member Info for Trent700

Although the article only goes as far as to say that we are on their "watch list" but still like everything else on their site, it's not much of a review from a site with the word "fool" in it's title IMV.

Although the article does only g

Actually, for once, Supercharger is correct. The article in the link is about our Marstons.

Even a broken clock is right twice a day.

I just hope RF does not get it into his head to put a bid in for those pubs. While I do see a degree of logic in the Brain's deal, I'm still nowhere near being 100% confident he's done that the right way for the business, but I'm not sure adding more to our estate is the best way forward.

If they do have cash to burn, (which I doubt at the moment) I'd prefer that money to be put to use bringing the ones we have that need bringing up to a better standard.

I just hope RF does not get it into his head to put a bid in for those pubs. While I do see a degree of logic in the Brain's deal, I'm still nowhere near being 100% confident he's done that the right way for the business, but I'm not sure adding more to our estate is the best way forward.

If they do have cash to burn, (which I doubt at the moment) I'd prefer that money to be put to use bringing the ones we have that need bringing up to a better standard.

@JoeKenny.

I think it will. But not in the short term. Med - long term yes, roughly 12months from now as a minimum in my view, for 2 reasons.

1. Most in this sector have been closed or operating at minimal capacity. They will have still had their operating costs, rents, utilities, insurance blah blah blah.

While they are busy at times now, they will be chasing/recovering those costs in the short term, therefore making negligable profits. Once full lockdown is lifted, and pubs, restaurants can then open up to capacity, then that will be another story, but those figures will not show until next year's trading updates.

2. I know that FUL are looking at obtaining further restaurants, that is a good thing, that was why Ibought in here now at early doors. This to me is a"bigger picture" investing strategy for me, but news on developments on that score has not materialised as yet. I'm sure it will at some point, but these new restarants, (however many of them it turns out that they have signed up to) won't mean anything until they've been set up and are paying their way.

I'd say there won't be much movement in sp until all restaurants are operating at maximum trading capacity, and the new ones showing how they are performing.

As I say, I think we have a 12 month wait as a minimum before we see any serious sp movement.

@FD. Yes, you're right. Supermarket chains are notorious for this.

I'm not sure how the trading update will present itself, but it'll be good to see what the numbers are, however they are presented.

Hope you are well mate.

@ Barchid.

I would expect to see a very similar comment on this in our next RNS, although I would say our numbers may well read slightly better, as income from off sales from the supermarkets would add to the figures. Marston's pubs will be operating to the same percentages as theirs, so those that can't get in to their local, may well get off to Morrison's et al and buy their beers from their. Some are likely to pick some of our brands up too, particularly if they are on offer. I saw Carlsberg advertised in an Asda advert the other day, so there is likely to be some take up there.

Atb.

@ Shaperite.

Apologies for my late response.

I'm not 100% against the Brain's deal. I can see a good deal of merit to it. Mainly for exposure of our brand in virgin teritory. I see nothing wrong with that.

What I do take issue with, is the seemingly haste in how this came about. I am not convinced by a long way that RF got the best deal that he could for the business, or for us shareholders.

This coupled with the Brain's boss sailing off into the sunset shortly afterwards, and (being unkind) RF seemingly doing the same shortly after that raises some questions to my mind.

A better deal would have been available in my view had he simply waited a while to do a full and more detailed forensic examination of the state of the Brain's finances and the general health of the company, and an offer being made which would have offered fair value to us.

My money's on a Flux Capacitor Beta variant being announced, that even Domestos can't kill.

That seems like a well balanced assessment, Fairdealer.

Work seems to need to be done on our estate to improve our offering, based on your observations it would seem. To my mind, I think RF should have concentrated on that rather than chasing Brains to pull them out of whatever situation they were in. I've said this before, that's what they should have done and left Brains to their fate, and then possibly looked to have scooped them up at a heavy discount if the free funds were there to do so.

Just my opinion, of course.

@ Fairdealer.

I've not had the opportunity to stay at a Marston's Inn as yet, so I can't really do a like for like comparison.

I have no reason to doubt your word, if you say that your experience was not as good as could be, then I'll take that as so.

I've only stayed at 2 Premier Inns, the one in Stourbridge (which at roughly 4 years old now is still fair to consider as a new (ish) build). The other one I went to in Newcastle did create the impression of being somewhat older, but the standard between the two were pretty much on a LFL basis.

Some of the Marston's Inns from pictures on their website do also look good too, but a picture does not always tell the full story, and doubtlessly, we will have some that need to be freshened up , which as I've said preciously, that the money spent on the Brains deal could easily have been better employed in achieving that goal.

ATB mate.

Hi Barchid.

That does sound promising. It's good for us that the demand is there. Very encouraging.

£120 a night does sound about right. When were supposed to have gone to the Premier Inn the other week, they wanted just over £250, but that was for 4 of us for 2 nights including unlimited breakfasts for us all for the Sunday & Monday. We had to have 2 rooms though as our oldest lad is 17.

We 're booked it for July when they're off school but they want another £70 on top with it being peak time. Not really unexpected but still.

Hope you're doing ok mate.

@ Agurney.

RE: Knowing your customer. Yes, there are a few companies that could well be learning that lesson the hard way over the coming weeks/months. Koppaberg, for one (among others) who are taking quite the backlash for swerving GB News.

Quite a lot of comments on social media saying that customers will be boycotting them because of it.

Always a bad move peace ing off half your customer base.

I couldn't agree with you more, YoYoma. Yes, Marstons do have their issues. And some big ones. We all know this. They've made some very peculiar decision of late too. (With the Brains deal).

As I've openly said on here, I can see some merit in why they have done it, (to gain exposure in an area where we are under represented as a brand) . But the way they have gone about it is, to my mind, strange to say the least.

I just don't see the sp going that low.

@ Barchid.

Yes, I concur with your thoughts. I'm not convinced we are best places for further expansion.

We have too much outstanding debt to contend with for one, and with an estate of 1000 plus pubs we are reasonably well represented.

Given Fairdealer's (I think) report on one of the places he stayed at, I would prefer the Company to use any free money they have in investing in sprucing up the ones that need it and raising the standard of our offering. That said, the couple of Marstons pubs I have been in, (The Glassworks
& The Greenfinch near our home) have both been more than agreeable.

@Clairesmith.

I'm not convinced that buying more pubs would be a good idea at this time. Although I can see some merit in the Brain's deal, I'm not 100% convinced that it was all that bright or shrewd move to be fair. If Fairdealer's theory on this subject is correct,had it been me, I would have been more inclined to leave the company to it's demise and picked it up for next to nothing, and spend the saved money on doing them up.

On the flip side of that,I'd say that Marston's need to conserve as much cash as it can for now,and concentrate more on bringing down it's debt mountain.

I'd imagine that there would be a set "lock in time frame" for rents payable to landlords for a set number of years. I'd say that rates will very by location. Landlords where properties have stood empty for some considerable time could well be available at more favorable rates to FUL.

All of this is not helpful. I can see why there are those that can see a drop in sp. We can all see that coming. But 77p is a bit optimistic I think. Pubs will as I understand it can still operate, albeit if limited capacity, we'll still have income from supermarket off sales. This to me offers the edge on say, Spoons that can only draw income from their pubs.

@ Fairdealer.

Not a very pretty picture, by the sounds of it mate. I agree with you on the point of the money spent on the Welsh estate deal could have been better employed freshening up outlets that need it. I'm sorry you had a bad experience.

Given how we have an estate of 1000+ plus outlets, it's a fair bet that some will not be up to the same scratch as others, and work needs to be done to address that. It's unfortunate that you were unlucky enough to land at one of the poorer ones.

As you know, we often visit friends in The Midlands, unfortunately for us, there is not a Marston's Inn in the Stourbridge or nearby area, which is a shame, I'd have loved to have supported the company by booking in there. That said, the Marston's pub we go to for Sunday lunch has in my view, always been very agreeable, the furniture is uniform, the food good, the beer is also of a good quality, and the staff are very accomodating. That said, the standard has to be seen to be the same throughout the entire estate.

I've stayed at a couple of Premier Inns. The one in the Midlands, which to be fair, is a fairly new build. (Roughly 4 years old now) and we've stayed at one in Newcastle about 6 years ago, which did appear to be quite a lot older, (and if I'm being fair, that did show). But nevertheless, the standard of appearance in that one did look as though the effort was made to make it look the best it could be.

But as you say, first impressions are important to any hotel/motel.