英语论文网

s and great food, all deliveredwithin a stunning atmosphere.Marston’s Pub Company is the trading division of Marston’s
PLC with over 1,700 tenanted and leased pubs under itsmanagement. Our income is derived from the sale of beers,wines, spirits and soft drinks to the operators of the publichouses, rental income from these properties and a sharedincome from gaming machines operated within the pubs. Theself-employed entrepreneurs who run the pubs derive theirincome from food, accommodation and the resale of drinkspurchased from the Company.www.51lunwen.org 英语论文网提供英语论文，代写留学生论文，英国论文，澳洲论文 www.51lunwen.org qq949925041
These operators rent thepremises for 5 to 30 years.Marston’s Pub Company favours a simple and straightforwardopen approach to running a pub based on our principle of“Sustainable Growth, Uncompromising Standards”.
We believe in building the best possible businessrelationships to help our licensees celebrate their successes
and give them help when they need it to run their businessesin a responsible and sustainable manner. We are proud to beat the forefront of technology a nd customer services offeredthrough My Marston’s Online and we also offer a costeffectiveonline payroll service.
Marston’s Beer Company is the brewing division of Marston’s
PLC, operating five breweries across the country:
☼☼☼ Marston’s Brewery, Burton upon Trent where our
famous national flagship brand Marston’s Pedigree
is brewed along with other beers such as Old
Empire IPA and Burton Bitter.
☼☼☼ Park Brewery, Wolverhampton where West
Midlands favourites such as Banks’s Bitter and
Banks’s Original are produced.
☼☼☼ Castle Brewery at Cockermouth in the Lake District,famous for such Jennings beers as CumberlandAle, Cocker Hoop and Sneck Lifter.
☼☼☼ Ringwood Brewery, Hampshire known for itspremium cask ale range including Best Bitter,Fortyniner and Old Thumper.
☼☼☼ Wychwood Brewery, Oxfordshire is home to thelegendary Hobgoblin, the Brakspear ale range anda comprehensive seasonal ale calendar. It is alsothe UK’s No 1 producer of organic beer.We use only the finest natural ingredients and craftsmanshipavailable to produce a range of beers for you to enjoy.We don’t compromise and take the quality of our beer veryseriously. In the growing take home market we are the UK’sNo 1 premium bottled ale supplier.CHAIRMAN’S STATEMENT
2
MARSTON’S PLC
Annual Report 2008
Strategy
The Group’s strategic objectives are described in the Business Review.
At the heart of our strategy is strong consumer appeal, leading to soundcash generation; investment of capital with good, sustainable returns;and tight management of costs.
Our financing strategy is to match our substantially freehold pubestate with long term debt at fixed rates of interest. To that end wecompleted a £330 million securitisation in November 2007. We have nofinancing requirements until August 2010 when our £400 million bankfacility is due for renewal.Cash generation remains a management priority. We expect net debtto reduce in the current financial year as a consequence of reducingcapital expenditure by around £60 million and continued disposal ofsmaller pubs.
Results
These results demonstrate the resilience of our business model in adifficult year for the industry. Continued investment in pub standards an