Pub operator and independent brewer Marston’s has agreed a new bank facility to replace the £257.5m existing one, which was due to expire in November 2018.
The new facility extends to March 2022 and comprises a £320m loan commitment, with an incremental £40m accordion facility providing additional flexibility, at improved terms.
The new facility will be provided by Barclays, Lloyds, HSBC, Santander and the Bank of Ireland.
Marston’s chief executive Ralph Findlay said: “This new facility further improves the efficiency of our funding. It provides the group with the certainty of long term financing while also taking advantage of current low interest rates, enabling Marston’s to fulfil its future expansion plans in the most cost effective way possible.”
Marston’s has an estate of 1,569 managed, franchised and leased pubs.