Pub group Marston’s will operate 156 Brains pubs in Wales, saving the Cardiff-based brand amid Covid-19 difficulties.
A statement this morning from Brains’ chairman John Rhys said the decision had not been taken “lightly” but that the deal would secure 1300 jobs.
The 141 pubs which Marston’s will hold the leasehold on directly made an adjusted pre-Covid profit of £14m, with Marston’s to pay £5.5m rent.
Brains will retain the longterm freehold interest in the pubs.
Pubs have been battered by the changing lockdown restrictions across the country, with many fearing they will be closing for good if the UK does not begin opening up again early in the new year.
Marston’s will keep the Brains name and continue to serve Brains beer, which it describes as a Welsh “heritage brand.”
Evercore advised Brains; Sapient Corporate Finance did the heavy-lifting for Marston’s.
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