Shares in focus: Marston’s – time to get another round in?

A building spree and in-pub dining should grow profits at the chain, says Phil Oakley.

Investing in pub companies is not for the nervous. Their profits are very sensitive to the ups and downs of the economy and consumers’ willingness to spend. On top of that, the pub companies themselves have had an unhelpful tendency to push the self-destruct button from time to time.

Back in the late 1990s, they spent too much money on city centre pubs and trendy bars. The 2000s saw tenanted pubs become all the rage and the supposed path to riches. That ended in [...]

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