British pub group Marston's said on Friday 31 March it has secured an amendment and extension of its bank and debt facilities to the end of January 2025.
£340m
The revised debt facilities amount to £340 million.
Revolving Credit Facility And Restatement
It said the revised debt facilities, amounting to £340 million, comprise of a £300 million revolving credit facility together with restatement of a £40 million private placement.
Christmas Sales
The above news follows news that UK pub group Marston's on Tuesday 24 January posted year-end holiday sales above pre-pandemic levels, as its predominant regional presence shielded it from the impact of train strikes that weighed on rival city-focussed hospitality businesses.
Shares in the FTSE Small Cap .FTSC firm rose more than 4% in morning trade on Monday 24 January.
Marston's has over 1,500 pubs and bars across Britain, mainly in local communities with less than 10% of them located in city centres.
The sector's hopes of robust sales in the first year-end holidays in three years devoid of restrictions were jolted by nationwide rail strikes, which curbed customer visits to city-based venues.
Marston's, however, rode on the strength of its local community pubs, logging in 4.5% like-for-like sales growth for the 16 weeks to 21 January, compared with the corresponding period in the pre-pandemic 2020 fiscal.
"We have continued to see positive sales momentum through the festive season and into the New Year, with particularly strong demand on the key Christmas and New Year trading days," chief executive officer Andrew Andrea said in a trading statement at the time that this news was reported.
Read More: Rail Strikes Fail To Derail Christmas Sales For UK Pub Group Marston's
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