Marston's plc
Marston's plc is a British pub and hotel operator whose historic brewing business was transferred to a Carlsberg joint venture and later sold to Carlsberg.
Last updated August 26, 2026
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Overview
Marston's plc is a British hospitality company centred on the operation of pubs, bars and hotels in England and Wales. Its roots reach back to 1834, when John Marston established J. Marston & Son at the Horninglow Brewery in Burton upon Trent. The company subsequently became associated with the Albion Brewery on Shobnall Road and developed a long-running identity as both a brewer and a pub owner. For much of its history, brewing and tied-pub operations were closely integrated: the business produced beers for its own estate while also supplying national and regional brands through distribution agreements, acquisitions and licensed production arrangements. The corporate structure changed substantially over time. In 1898, Marston & Son became a limited company and amalgamated with John Thompson & Son, moving its principal brewing activity to the Albion Brewery. In 1905, a further merger with Sydney Evershed created Marston, Thompson & Evershed. The later corporate predecessor, Wolverhampton & Dudley Breweries, had its own history dating from the nineteenth-century Park Brewery in Wolverhampton and expanded through brewery and pub acquisitions. Wolverhampton & Dudley Breweries acquired Marston, Thompson & Evershed in 1999, together with the Mansfield Brewery business, and adopted the Marston's name in 2007. Expansion during the modern brewing era included the acquisition of Jennings Brewery in 2005 and Ringwood Brewery in 2007. Marston's also produced Draught Bass under licence from Interbrew and later took on production and supply arrangements connected with Thwaites, including the Wainwright and Lancaster Bomber brands. In 2017, it acquired the Eagle Brewery from Charles Wells, adding brands and licensing interests associated with Bombardier, Courage and McEwan's, as well as the global licence for Young's beers. The company increasingly focused on its pub estate as the economics of brewing and hospitality changed. In 2013, a proposed sale of approximately 200 pubs to New River Retail prompted concern that some sites could be converted into convenience stores. In 2020, Marston's combined its brewing operations with Carlsberg UK's business in a joint venture called Carlsberg Marston's Brewing Company, in which Marston's initially retained a 40% stake. The transaction excluded Marston's approximately 1,400 pubs and was approved by the UK Competition and Markets Authority in October 2020. During the same year, the COVID-19 restrictions caused the company to announce more than 2,150 job cuts, while it also took over the running of 156 pubs in Wales from Brains. In July 2024, Marston's agreed to sell its remaining 40% interest in Carlsberg Marston's Brewing Company to Carlsberg for £206 million. The sale ended Marston's direct ownership of breweries after roughly 190 years and represented a clear strategic concentration on pubs and hotels. The transaction also formed part of Carlsberg's wider plan to combine the brewing venture with Britvic following Carlsberg's proposed acquisition of that soft-drinks company. Marston's remains a major UK pub operator, with more than 1,350 pubs and bars reported across England and Wales in 2024, alongside its hotel activities. Its recent strategic challenges have included pandemic disruption, high debt and the need to improve trading performance while maintaining a large, mixed pub estate.
History
Marston's history began in 1834, when John Marston founded J. Marston & Son at the Horninglow Brewery in Burton upon Trent. The brewery expanded during the nineteenth century: production had reached approximately 3,000 barrels annually by 1861, and Marston & Son was incorporated as a limited company in 1890. In 1898, the business amalgamated with John Thompson & Son and moved to the Albion Brewery on Shobnall Road. The brewery later became associated with the Burton Union brewing system, a distinctive method used in the production of traditional ales. In 1905, Marston, Thompson & Evershed was formed through a merger with Sydney Evershed. A second important strand of the company's history came from Wolverhampton. Banks & Co had brewed at the Park Brewery there since 1875. In 1890, it became part of Wolverhampton & Dudley Breweries following an amalgamation involving George Thompson & Sons and Charles Colonel Smith's Brewery. Wolverhampton & Dudley expanded into pubs, including through its 1943 acquisition of Julia Hanson & Sons, which brought approximately 200 pubs. It became a London Stock Exchange-listed company in 1947. The group later acquired Camerons Brewery in 1992, although that brewery was sold in 2002 while some tied pubs were retained. In 1999, Wolverhampton & Dudley Breweries acquired Marston, Thompson & Evershed and also took over Mansfield Brewery. Mansfield's brewing operations were subsequently closed and production of its beers was transferred to the Park Brewery. The group continued to broaden its brewing and pub interests. It took over production of Draught Bass under licence from Interbrew in 2005, acquired Jennings Brewery in the same year and bought Ringwood Brewery in 2007. In that year, Wolverhampton & Dudley Breweries changed its name to Marston's plc, making the historic Marston's identity the principal corporate brand. The company continued to manage a mixture of owned, leased and tenanted pubs while expanding its beer portfolio. A proposed sale of around 200 pubs to New River Retail in 2013 generated controversy because of concern that sites might be converted into convenience stores. Marston's subsequently took over production of most Thwaites beers in 2014 and in 2015 bought the bulk of the Thwaites beer supply business and the Wainwright and Lancaster Bomber brands for approximately £25 million. In 2017, it acquired Charles Wells's Eagle Brewery in Bedford. The transaction added interests in Bombardier, Courage and McEwan's ales and gave Marston's a worldwide licence for Young's beers. In February 2020, Marston's extended its distribution agreement with Japanese brewer Kirin for five years. Later that year, it agreed to combine its brewing business with Carlsberg UK's operations. The joint venture, valued at £780 million, included six breweries and distribution depots but not Marston's pub estate. Marston's received cash and retained 40% of the resulting Carlsberg Marston's Brewing Company. The Competition and Markets Authority approved the transaction in October 2020. The COVID-19 crisis placed severe pressure on the hospitality business, leading to an announcement of more than 2,150 job cuts. Marston's also assumed operation of 156 Welsh pubs from Brains in December 2020. The company entered the 2020s with its pub estate as its primary operating focus but faced high debt and uneven sales. Andrew Andrea left the chief executive role in November 2023 and Justin Platt became chief executive. In July 2024, Marston's agreed to sell its 40% CMBC stake to Carlsberg for £206 million. The deal ended Marston's ownership of breweries after approximately 190 years and left the company concentrated on pubs, bars and hotels. Marston's reported operating more than 1,350 pubs and bars across England and Wales in 2024. The future of brewing facilities and related offices was identified as subject to review following completion of the sale.
- 2024
Marston's exits brewery ownership
[1]Carlsberg agrees to acquire Marston's remaining 40% share in CMBC for £206 million.
- 2020
Carlsberg Marston's Brewing Company is created
[1]Marston's combines its brewing operations with Carlsberg UK while retaining a 40% stake and keeping its pubs outside the joint venture.
- 2017
Eagle Brewery acquisition
[1]Marston's acquires Charles Wells's Eagle Brewery and related brand and licensing interests.
- 2015
Thwaites beer business acquisition
[1]Marston's acquires the bulk of Thwaites' beer supply business and the Wainwright and Lancaster Bomber brands.
- 2007
Corporate name changes to Marston's plc
[1]Wolverhampton & Dudley Breweries adopts the Marston's name.
- 1999
Wolverhampton & Dudley acquires Marston, Thompson & Evershed
[1]The corporate predecessor purchases the historic Marston brewing business and takes over Mansfield Brewery.
- 1947
Wolverhampton & Dudley Breweries is listed
[1]The Wolverhampton & Dudley Breweries business becomes listed on the London Stock Exchange.
- 1905
Marston, Thompson & Evershed is formed
[1]The business merges with Sydney Evershed.
- 1898
Merger with John Thompson & Son
[1]Marston & Son amalgamates with John Thompson & Son and moves to the Albion Brewery.
- 1834
J. Marston & Son is founded
[1]John Marston establishes a brewery at Horninglow in Burton upon Trent.
Products and positioning
A UK hospitality operator built around community pubs, pub restaurants, bars and inns, with a historic brewing heritage and a post-2024 strategic emphasis on the pub and hotel estate.
Hospitality
Managed pubs and bars
Marston's operates a large estate of pubs and bars across England and Wales. These venues form the company's central business after the disposal of its remaining interest in CMBC. The estate includes different operating models, including managed sites, leased properties and tenanted pubs, with offerings generally combining drinks, food and community-oriented hospitality.
Hotels and accommodation
Marston's Inns
Marston's Inns represents the company's pub-with-accommodation and hotel activities. The format extends the traditional pub proposition into overnight stays, pairing food and beverage service with rooms and serving leisure and short-break customers in the UK.
Beer brand
Wainwright
Wainwright was among the leading beer brands acquired by Marston's as part of the 2015 Thwaites beer supply transaction. It formed part of the company's historical branded brewing and distribution portfolio before Marston's transferred its brewing interests into the Carlsberg joint venture and later exited brewery ownership.
Beer brand
Lancaster Bomber
Lancaster Bomber was acquired alongside Wainwright in the purchase of the bulk of Thwaites' beer supply business in 2015. It was part of Marston's regional and national ale portfolio during the period when the company operated as both a pub group and brewer.
Beer brand
Bombardier
Bombardier entered Marston's portfolio through the 2017 purchase of Charles Wells's Eagle Brewery. The acquisition also brought associated brewing and licensing interests, strengthening Marston's position in established British ale brands before its brewing operations were combined with Carlsberg.
Brand decisions
2024
Sell remaining stake in Carlsberg Marston's Brewing CompanyM&ABackground
Marston's decided to concentrate on its pub and hotel operations and end direct ownership of brewing assets.
Action taken
The company agreed to sell its 40% interest in CMBC to Carlsberg.
Aftermath
The £206 million transaction ended Marston's ownership of breweries after approximately 190 years. The future of affected brewing facilities and offices was left subject to review.
Sale proceeds. £206 million (2024)
2020
Combine brewing operations with Carlsberg UKM&ABackground
Marston's sought to reshape its brewing business through a combination with Carlsberg UK's operations while retaining control of its pub estate.
Action taken
The company entered a joint venture valued at £780 million, contributed six breweries and distribution depots, received cash and retained a 40% interest in Carlsberg Marston's Brewing Company.
Aftermath
The Competition and Markets Authority approved the transaction in October 2020. Marston's pubs were not included in the venture.
Joint venture valuation. £780 million (2020)
Recent events
- 2024
Marston's sells remaining Carlsberg Marston's Brewing Company stake[1]
M&A
Marston's announced the sale of its 40% interest in Carlsberg Marston's Brewing Company to Carlsberg for £206 million, ending its direct ownership of breweries and sharpening its focus on pubs.
- 2023
Andrew Andrea leaves as chief executive and Justin Platt is appointed[1]
Leadership change
Andrew Andrea stepped down as chief executive with immediate effect on 17 November 2023 and was replaced by Justin Platt.
- 2023
Marston's sets debt-reduction target amid leverage concerns[1]
Other
The business reported heavy indebtedness and set an objective of reducing net debt to £1 billion by 2026. Analysts expressed caution about leverage and recent like-for-like sales performance.
- 2020
Marston's agrees to combine brewing business with Carlsberg UK[1]
M&A
Marston's announced a proposed joint venture combining its brewing operations with Carlsberg UK's business. Marston's would retain a 40% interest, while its pubs were excluded from the transaction.
- 2020
Competition regulator approves Carlsberg Marston's Brewing Company transaction[1]
M&A · Regulation
The UK Competition and Markets Authority approved the brewing combination on 9 October 2020, allowing the new Carlsberg Marston's Brewing Company venture to proceed.
- 2020
Marston's announces more than 2,150 job cuts during COVID-19 restrictions[1]
Other
The company announced substantial redundancies after UK restrictions severely affected pubs and hospitality venues.
- 2020
Marston's takes over operation of 156 Welsh pubs[1]
M&A
Marston's assumed responsibility for operating 156 pubs in Wales from Welsh brewer Brains.
Sources1 sources
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