UK: Marston’s CEO to step down

Ralph Findlay, chief executive of Marston’s, is stepping down after 20 years at the helm of the pub group, having recently seen off an unsolicited bid from the US private equity group Platinum, the Financial Times reported on March 11.

Marston’s said Findlay planned to step down at the end of the financial year in September, giving him time to oversee the reopening of pubs for both indoor and outdoor service following the current lockdown. He has led Marston’s since 2001.

Ralph “is one of the longest serving business leaders in an industry which has seen significant change and challenges during that time”, said chairman William Rucker. “He leaves Marston’s in excellent shape and well-positioned to rebuild trading and go from strength to strength when restrictions are lifted.”

Bolstered by the sale of its brewing business into a £780 mln joint venture with Carlsberg in May, Marston’s has been in a stronger position than several other pub groups as the industry has struggled to cope with lengthy closures during the crisis.

In December the group stepped in to operate 156 pubs belonging to the struggling Welsh brewer SA Brain, saving 1,300 jobs. It has faced its own difficulties however, announcing a £40m hit to sales in the first half of last year. In October it cut 2,150 staff — almost a fifth of its workforce.

Last month it rejected the third in a series of offers from the Beverly Hills-based private equity group Platinum Equity that valued Marston’s at £693m, arguing that it “significantly undervalues” the business.

Findlay said that having joined the Marston’s board in 1996 he had been “fortunate to work with many inspirational, talented and dedicated colleagues in an industry which is very close to my heart”.

The group did not give a reason for his departure but said the process to find his successor was under way.

10 March, 2021