Marston's Plc has announced it is selling 200 of its pubs to NewRiver Retail for £90 million.
NewRiver Retail plans to convert most of the pubs into shops for supermarkets and have already received strong interest from the UK's major convenience store operators and supermarket groups.
The pubco will be selling 158 community pubs from Marston's Taverns estate and 44 Leased pubs. The disposal was consistent with its strategy to target growth through investment in higher turnover pub-restaurants, improve the quality of its estate and reduce its exposure to smaller 'wet-led' pubs which are apparently less appealing to the community, Martson's claim.
Marston's will manage the pubs for five years in return for a management fee, under the terms of the transaction.