Marstons shares soar as pub firm bets on sports bars
Shares in Marstons soared on Tuesday after the hospitality firm said it would ramp up efforts to convert more than 100 of its pubs into sports bars. The London-listed pub company said its new “Grandstand” format, which offers big screens and match-based food and drink offers, has been its “standout” performer this year. The World [...]
Marstons, a London-listed pub company, reported a significant increase in its share price following its announcement to convert more than 100 of its pubs into sports bars. The hospitality firm unveiled its "Grandstand" format, which includes large screens and dining options tailored to match-based events. This new concept proved to be the standout performer this year, driving a substantial portion of the company's revenue growth.
The World Cup's success boosted pub firms' value this summer, with companies like JD Wetherspoon and Young's experiencing substantial gains. Marstons, however, faced a slight dip in like-for-like sales due to the tournament, but overall, sales have been steady. The company anticipates surpassing market consensus for its full-year profit, with projections ranging from £76.1m to £83.2m.
Marstons' CEO, Justin Platt, expressed satisfaction with the company's performance, highlighting the success of its differentiated pub formats and strong customer satisfaction. Marstons aims to replicate the intense atmosphere of stadium events in its sports bar redesigns, featuring screens that span three meters and flexible seating arrangements.
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