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Cars British brewing giant Marston's and Carlsberg's UK wing propose £780m joint venture

23:45  22 may  2020
23:45  22 may  2020 Source:   thisismoney.co.uk

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Wolverhampton brewer Marston's and the UK division of multinational brewer Carlsberg have unveiled a plan to create the Carlsberg Marston's Brewing Company in a joint venture worth £780million.

Under the suggested terms, the Danish brewing giant Carlsberg will control 60 per cent of the nascent firm, which will be run by its current UK managing director Tomasz Blawat. At the same time, Marston's CEO Ralph Findlay will hold the position of Non-Executive Chairman.

Marston's will control the other 40 per cent and receive an upfront payment of £273million, which it says will help reduce its debt and provide greater' financial flexibility' for them. Its share price soared 109.3 per cent to 68.2p following the deal's announcement.

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a cup of beer on a table: Carlsberg UK will be entitled to sell its portfolio of beers at Marston's 1,400 pubs © Provided by This Is Money Carlsberg UK will be entitled to sell its portfolio of beers at Marston's 1,400 pubs

In a joint statement, the two businesses stated that the arrangement would 'bring together two historic brewers with shared values to create significant value for employees, customers and consumers in the UK market.'

The deal brings together Carlsberg's and Marston's brewing business and values each company at £200million and £580million respectively. Carlsberg will also be entitled to sell its beer in Marston's 1,400 pubs.

Among Carlsberg's alcoholic drinks portfolio are Danish Pilsner, Holsten Vier, Somersby Original Cider, and Tetley's. It also holds brand licenses for the San Miguel and Brooklyn Brewery brands.

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Marston's operates six breweries across the UK, including the Marston's Brewery, which make Pedigree Amber Ale, and the Jennings, Ringwood, and Wychwood Breweries, the latter of which makes the Hobgoblin beer.

a close up of a sign in front of a brick building: Marston's operates six breweries across the UK, including the Marston's Brewery, which make Pedigree Amber Ale, and the Jennings, Ringwood, and Wychwood Breweries © Provided by This Is Money Marston's operates six breweries across the UK, including the Marston's Brewery, which make Pedigree Amber Ale, and the Jennings, Ringwood, and Wychwood Breweries

The FTSE 250 company also has multiple licenses to distribute certain foreign beers in the UK, such as the Japanese beer Kirin and the American craft brewer Founders Brewing Co, and Spanish lager maker Estrella Damm.

CEO Ralph Findlay said the new relationship 'acknowledges Marston's strategy, position and consistent outperformance against the UK beer market, realising value for shareholders today, whilst retaining an interest in the future upside of the combined entity.

'Marston's strong heritage, extensive distribution platform and established reputation for brewing and logistics excellence, together with Carlsberg UK's values, long history in beer, brand portfolio and scale, combine the best attributes of both to create a compelling beer business.'

Carlsberg's global chief executive Cees' t Hart meanwhile declared that the agreement would 'allow us to offer a significantly stronger beer portfolio to our UK customers.'

'In addition, the combined business will bring our customers wider choice, greater capacity, product innovation and marketing and distribution efficiency benefits.'

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