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J D Wetherspoon : Marston's asks noteholders for waivers as UK tightens lockdown

11/11/2020 | 03:50am

(Reuters) - British pub operator Marston's on Wednesday asked some of its noteholders for additional waivers during the first-half of 2021, following renewed lockdowns in Wales last month and England last week.

The company said it was a precautionary measure brought on by the fresh curbs and the continued uncertainty about further potential lockdowns over the winter months.

Marston's shares, which have fallen over 50% so far this year, were down 1.4% by 0839 GMT.

The company launched consultations on up to 2,150 job losses last month, saying new UK coronavirus restrictions had forced its hand after months of progress in reopening hundreds of its pubs.

Trade in Marston's and other hospitality firms had picked up after a slow start when pubs re-opened in July.

But the government imposed a second national lockdown last week that included shutting down all restaurants and pubs for four weeks across England, in a bid to control a resurgence in COVID-19 cases.

Rival J D Wetherspoon posted lower first-quarter sales on Wednesday, hit by fresh coronavirus restrictions including changes in tier categories and a 10 pm curfew.

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Anil D'Silva)

© Reuters 2021
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