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UK: Brewing giant slumped to loss ahead of Marston's selling up to Carlsberg
The brewing joint venture worth almost £800 mln between Marston’s and Carlsberg slumped to a loss in the year before the pub giant sold its stake, it has been revealed.
Carlsberg Marston’s Brewing Company made a pre-tax loss of £25.2 mln in 2023, according to newly-filed accounts with Companies House, having posted a pre-tax profit of £7.1 mln in the prior year, City A.M. reported on August 27.
The loss came despite the joint venture’s turnover surging from £775.1 mln to £907.8 mln. Its gross turnover, including customs and excise duties, increased from £1.2 bln to £1.3 bln.
The results come after Marston’s announced in July that it had agreed to sell its 40 per cent stake in the company to Carlsberg for £206 mln.
The deal ends almost 200 years of brewing heritage, which began with Banks and Company in Wolverhampton.
At the time, Marston’s CEO Justin Platt said the sale to the Danish brewing company “significantly reduced” its debt.
Marston’s is to now focus on running its 1,370 pubs across the UK.
On the same day in July, Carlsberg announced it had bought Britvic, the company which makes drinks such as Robinsons squash and J20, for £3.3 bln.
Carlsberg Marston’s Brewing Company was formed through a merger in May 2020.
In a statement signed off by the board, Carlsberg Marston’s Brewing Company said: “In a challenging environment, the company delivered [a] solid performance ahead of the market.
“We saw good growth for premium such as Poretti and Brooklyn and for the alcohol-free versions of Carlsberg and Brooklyn.”
On its future, the business added: “Looking forward to 2024 and beyond, the company will aim to continue to brew a great range of beers and deliver a wide portfolio of drinks products to customers in the UK.”
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