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Marston's to build 25 new pubs a year after rights issue

Brewing firm Marston’s is planning to accelerate its new building programme to deliver around 20 to 25 new pub openings a year.

Marston’s said it will issue 298.9 million shares at 59 pence each and plans to use about £140 million of proceeds from the fundraising to build new pubs.

The independent brewing firm said the property slump had created good opportunities to buy attractive sites.

It expects to deliver 15 new pubs in the first full year to 2 October 2010, with additional sites being added to the land bank for future development.

The remainder of the proceeds will be used to buy back debt.

Chief executive Ralph Findlay said: “The rights issue will allow us to take advantage of situations arising in the current economic climate and accelerate the roll-out of the new build pubs in attractive locations at attractive investment costs.”