Marston’s PLC is selling its remaining “non-core brewing assets”, which is its 40% interest in Carlsberg Marston’s Limited, to create a business entirely focused on pubs.

The deal, worth £206m in cash, allows Marston’s to establish “a purely focused pub business with a strong position in the UK market and significant opportunities for further growth”.

Justin Platt, chief executive officer, said: “Today’s announcement represents a significant milestone for Marston’s as we realise our stake in CMBC.

“In my first six months with the business, it has become very clear to me that our core capability and key opportunity to unlock value for shareholders is in driving a focused and successful pub business. This deal further strengthens our balance sheet, significantly reducing our debt by over £200 million.

“In addition, CMBC remain valued strategic partners and we continue to benefit from our ongoing longterm brand distribution agreement with them.

“Crucially, it allows us to become a pure play hospitality business and focus on what we do best – namely, giving our guests amazing pub experiences. I look forward to delivering on the opportunities a focused pub business will provide to ensure we maximise value for our shareholders.”

More to follow…