Marston s pub boss on when he expects venues to reopen - with restrictions still in place
The pub sector has been repeatedly hammered by covid-19 restrictions
Updated
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The boss of pubs group Marston s has warned he does not expect venues to reopen until March at the earliest - and even then social distancing restrictions will remain in place.
We do not have certainty about the timing of reopening, but in view of comments from the Prime Minister about the potential for lifting restrictions as the vaccination programme progresses we anticipate that pubs will be closed for trading until March at the earliest, and expect some of the previous restrictions to remain on reopening, the company said.
But despite the disruption, Findlay said the group had significantly strengthened its balance sheet thanks to the recent joint venture with Carlsberg and continued support from its lenders.
It will use £233million collected from the Carlsberg UK joint venture to reduce debts and will also apply for the recently-announced government grants of up to £9,000 per property.
During the 13-week period, trading was materially disrupted due to Covid-19 related trading restrictions imposed across England, Scotland and Wales. Total pub revenues for the quarter were £54 million. Following the imposition of lockdowns across the UK in recent days, all our pubs are closed. We do not have certainty about the timing of reopening, but in view of comments from the Prime Minister about the potential for lifting restrictions as the vaccination programme progresses we anticipate that pubs will be closed for trading until March at the earliest, and expect some of the previous restrictions to remain on reopening. Despite this disruption, we remain focused on the strategic development of the business.
Marston’s chief executive Ralph Findlay has described an extended business rates holiday and a VAT cut throughout 2021 as a ‘minimum requirement’ after the imposition of England’s third national lockdown.
Following the release of the Wolverhampton-based operator’s trading update for the 13 weeks ended 2 January, Findlay explained that the pub sector remained in a “very difficult position” having spent most of the last nine months closed.
Marston’s Q1 statement also forecast that, in light of comments made by the Prime Minister about the potential for lifting restrictions and vaccine rollout, pubs will remain closed until March at the earliest.