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Karl - we just need to be patient. Warm weather is helping sales. This September is already breaking temp records. With prop. Valued by the accountants at £2Billion and with £1Billion in loans clearly the Company has a surplus margin. Sooner or later someone will see this. Increased sales with further improve the credit worthiness (even more so when rates start falling). Not long to wait for the full year results - dealers want you to sell so they have the stock - I am not tempted in any way to sell but instead have seen seen buying opportunities. There is no doubt that some sellers will be buying back soon especially if the results are gathering some upward momentum. Good luck but be patient and not be pushed into selling. IMHO.
@Supercharger, I prefer my plan currently, this will mean a 150% profit from here to any buyers now.
Would prefer to see Marstons have a takeover bid for £500m now, and get the estate sold off to a property development company to make way for social housing.
Karl,
Do you have any idea of the complications involved in converting pubs to housing? Many are beloved locals and character properties that will have staunch defenders. It might not be quite as easy as you imply….
@NoloServileCapis, also come to think of it, how many of the 1550 pubs have big car parks.
Seems like a great opportunity to bulldoze all these pubs and build big blocks of flats.
Would be a fantastic opportunity to marstons and flatten all the pubs to turn into social housing.
government are doing all they can to flood the country with migrants that dont drink but need somewhere to live, so it would be a great opportunity for some party donors to make alot of money.
Be patient or a Patient in a secure hospital?
some her have nothing on Hans Christian Anderson.
Valuation are undertaken by RICS registered Survey Valuers NOT Accountants.
The belated summer is due to end on Sunday, so get to the Pubs 24/7.
Investors should not forget production cost of beer have risen considerably.
As for the sale of dormant/empty Pubs, any developer will think twice as many pubs require serious reconstruction/modification. Just look at the Crooked House saga!
I have passed 2 Marstons Pubs just off the A5, they have been boarded up for almost 2 years. Not a good investment for any would be developer in the current market.
Back to Griimms Fairy Tales!!!!
Fair dealer. Just a point of clarification please. Do you happen to know where we are re the valuation cycle? There is the statutory valuation every few years and the yearly? Many years ago I was a District valuer and shall I say politely that my then valuations were perhaps a little different to the values by some well known names in the business. All I would say (so not to upset some former collegues) that the yearly valuations untimatley they are not a cut and paste into the accounts! Not for the first time now I have been retired I have been able to challenge at an AGM of the company with the noirmal result being a shut down of the subject in public followed by an instant invitation for a chat with a senior director beginning "How come you seem to know a lot about this?" My final point I would wish to make is that after a full and frank conversation In more than one case it has resulted in a change in the property valuation in next years accounts thus a change in the value of the Company.
My last point is that Property when it perhaps seen as secondary to the main businesss of any company can be over looked. If mangaged well it does effect many things including taxation. loans and dare I say it image etc of any Company all of which efects us as shareholders. Just looking at the bottom line never tells the full story.
Dulwichman, until Covid the BOD conducted in-house desktop valuations of the estate. These values were subsequently discovered to be wrong and downward valuations were then adjusted within the accounts.
The company then decided either willingly or by pressure from Lenders, to contract out Valuationsto suitably qualified valuers. The estate is now valued on a 3 year cycle, 1/3 of the estate valued each accounting year.
Not sure if District Valuers use the Red Book as do RICS Valuers.
I seem to have touched a raw nerve, SC? I deal in facts not hopes. Are you in PR for the company? You continually come out with statements which may be inside information. You know the sale value of recently sold properties. Where are those values published? They do not appear on Christy's site.
The re-development of any Pub site is not simple LA approval for change os use is required apart from Full planning permission, and do not forget many Pubs are regarded as Community assets, consequently Local groups and Councils take over the management of Local Assets.
A question you have failed to answer. If the company's performance is so good why have they breached loan agreements, not once but twice. That is a fact, please give an explanation as you are close to the Board.
As far as trading is concerned, just remember your own position. Shares bequeathed to you by your Godfather which you then admiitted to selling even though you insisted would not be sold.
I am not a trader and never will be, but like fair play where any investor has a fair and reasonable insight into a company they are either invested in or considering.