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Marston’s Plc (LON:MARS) has said that it will save 1,300 jobs by taking over 156 Brains pubs in Wales.
- The pub chain will operate 141 pubs under the Brains brand, and another 15 sites will be under a management contract for two years.
- Marston’s will operate 141 freehold pubs on a leasehold basis from February and will pay an annual rent of £5.5 million, starting from April 2021.
- Though the financial terms of the deal were not disclosed but the company said they have to give £2 million to run the pubs, adding that it would meet the funding requirements of Brains.
- The chairman of the 138-year-old business, John Rhys, said the recent trading restrictions in Wales due to the pandemic, which required the pubs to close at 6pm, and not be allowed to sell alcohol, have put huge pressure on the business.
- As a result, the 138-year-old business closed down all its pubs, amid more weeks of closures for the whole hospitality sector.
- Rhys added that the deal marked a long-lasting relationship with Marston’s while securing the business along with its staffs jobs.
- On 24 December 2020, the stocks of the company ended higher by 1.00% from its previous closing, at GBX 75.55.
