Pubs to be proud of

ANNUAL REPORT and accounts 2022


Pubs and bars



£ 0 m

Revenue (£)

(2021: £401.7m*)

£ 0 m

Net cash inflow (£)

(2021: £118.1m)

                                                                           *From continuing operations

*From continuing operations

At A Glance

A focused pub operator

We are a focused pub operator, with a culture that places guests at the heart of everything we do. Our vision is ‘Pubs to be proud of’. This embodies our cultural DNA of being a focused pub operator, whilst consistently delivering high levels of guest satisfaction and standards through our great pub teams.

Marstons Locations

Delivering on our purpose

Pubs are where we go to socialise, celebrate, share an experience, or simply enjoy a drink or bite to eat, with our friends, our family, or our colleagues. They are seen as an affordable treat and our high-quality pubs are at the heart of many local communities, offering a warm welcome. A place to enjoy good company. Marston’s is a people-powered business and our behaviours and strategic objectives are core to how we achieve our purpose.


A clear guest-focused pub strategy

In 2021, we launched our vision: ‘Pubs to be proud of’. Our strategy is unchanged as we focus on achieving our clear pub and corporate goals which will ultimately promote the long-term success of the Company, generating value for shareholders.

Our strategic pillars

We always put our guests first, aiming to delight them every time they’re in our pubs

  • This year we have simplified our pub estate. Our menus have been streamlined too and some of our pubs have been repositioned to one of our three formats.
  • We have invested in our guest journey and insight, with improved systems and processes, supporting guest-led decisions.
Case Studies
New menu pleasing customers of all ages

New menu launch

We have streamlined our menus across the estate, significantly reducing the number of different menus and aligning them to one of our formats.

We’re committed to each other, the business and being the best version of ourselves

Continuous improvement has been delivered by investing in our people, improving our reward and recognition programmes and investing in employee engagement; one of our critical success factors.

Case Studies
Chefs working in the kitchen

Latitude programme

In early 2022 Marston’s entered new territory by embarking upon our programme ‘Latitude’ to try and help people leaving prison get back into work.

We challenge ourselves, and each other, to ensure we’re always improving and moving forward

To deliver our £1 billion sales target, we are investing in key areas of our estate, evolving our franchise-style model through innovative offers and creating a ‘Never full,  fancy another’ sales culture.

Case Studies
The HollyBush - The Heart of Penn pub

Transformational year for pub investments

We have invested heavily in our estate over the past 12 months, completing over 250 projects.

Key Performance Indicators

Our KPIs represent our principal metrics that we focus on in running our guest obsessed business. They measure
our progress in raising the bar on our performance and in growing the business. They also help to determine how
we are remunerated.

Loved by guests

All of our pubs to have a Reputation score of 800 or more

To be the ‘best pub around here’ and for our guests to support us

Why it’s important

Delivering great guest experiences every time ensures our guests will visit our pubs time and time again.

Link to strategy

We are guest obsessed icon

Linked to remuneration

Tick icon


All of our pubs to be 5* EHO

Prioritising the health and safety of our guests and our people

Why it’s important

Ensuring all of our pubs meet these standards is an integral part of our commitment to deliver our vision of ‘Pubs to be proud of’.

Link to strategy

Guest and raise icon

Great place to work

Peakon engagement score of 8 or more

Great place to work chart

To be a great place to work; engaging with, listening to and enabling our people.

Why it’s important

As a ‘people-powered’ business, we want to attract and retain the best people.

Link to strategy

Rais and grow icon

Linked to remuneration

Tick icon

'Never full, fancy another' sales culture

Spend per head vs LY%

Never full chart infographic

To instil an entrepreneurial mindset and sales culture within our business, maximising the spend per guest visit.

Why it’s important

A great pub is never full (we can always fit you in) and great pub teams always ask our guests if they would like something else.

Link to strategy

We will grow icon

Better than the rest

To be the no.1 pub company on

We’ve moved from 4th to 3rd place during the 2021/22 reporting year. We are targeting 1st place.

To consistently outperform our competitors from a guest’s perspective.

Why it’s important

We can see how we compare to our competitors in the eyes of the guest.

Link to strategy

Guest grow icon

Responsible business

To remain in the FTSE4Good index

Demonstrating that we are a responsible and sustainable business.

Why it’s important

Creating a sustainable future for our business benefits all of our stakeholders.

Link to strategy

Guest and raise icon

'Back to a billion'

Total revenue – £m
Back to a billion chart infographic

Net debt (excluding lease liabilities) – £m

Net Debt chart infographic

Free cash flow (FCF) – £m

FCF chart inforgraphic

To achieve our corporate goals: £1 billion sales and net debt (excluding lease liabilities) below £1 billion.

Why it’s important

Reaching our financial goals will stimulate growth and value for all stakeholders.

Link to strategy

We will grow icon

Linked to remuneration

Tick icon

Financial strategy driving shareholder value

Grow earnings icon
Grow earnings

Progressive and sustainable divended

Reduced debt icon
Reduced debt

Debt: equity transfer

Increased returns icon
Increased returns

Increased NAV


Focused vision, sustainable business, clear goals

2022 has been a year of two halves. The first half year results were impacted by trading restrictions and consumer confidence as a consequence of the disruption caused by the Omicron variant, affecting December 2021 and the critical Christmas trading period through to the end of January 2022. During the second half, we were encouraged that we traded well and consumer demand for our pubs remained robust as more normalised trading conditions resumed.

William- Chair - Board of Directors
Chair’s statement

We remain well-placed to meet the challenges ahead by executing our strategy, which in turn supports the long-term success of the Company and generates value for all stakeholders.

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Andrew - CEO - Board of Directors
Chief Executive’s statement

With the impact of COVID-19 restrictions hopefully behind us, the Group will benefit from an estate that is balanced across formats and locations and is set for future sustainable growth and shareholder value creation over the medium to long term.

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Hayleigh - CFO - Board of Directors
Group operational and financial review

Like-for-like retail sales for the 10 weeks to the end of the year were 4% up, showing encouraging recovery and the positive impact of our strategy.

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Doing more to be proud of

We are passionate about delivering our ESG and sustainability strategy: ‘Doing more to be proud of.’ Whilst there is still more to do, we believe we can make meaningful contributions to all our stakeholders, from cutting carbon emissions and tackling food waste, to caring for our people and encouraging them to grow, and supporting the communities in which we operate.

Alignment of ESG to our business

At Marston’s we have invested in sustainable and responsible business practices for many years, including being amongst the first in our sector to implement environmental initiatives, such as zero waste to landfill and the installation of electric car chargers across our pub estate. We recognise that there is still more to do, particularly to help protect the planet (our most fragile stakeholder). This year, we have focused on defining our ESG strategy, engaging and consulting with our stakeholders to understand what ESG pillars matter to them most. We have aligned our ESG strategy to our corporate strategy, and to how we operate our business. This alignment has provided clarity of vision, helped establish ownership, drive improvements and facilitated improved reporting on the progress that we have made, and will continue to make.

electric car charging station in car park

The ‘Doing more to be proud’ of initiative was developed and three distinct working groups have been established with a clear mandate, objectives and targets. Some areas, such as health and safety and food waste, naturally have more than one touch point and provide more opportunities for working together and harnessing the power of cross-functional expertise.

The initiatives we take on ESG are linked to our key stakeholders and what matters to them most, whilst being aligned to and forming an integral part of our corporate strategy.

Our responsibility pillars

Doing more to reduce our environmental impact

In recent years our estates team has gained industry recognition for their pioneering work to reduce emissions at our pubs, reduce water consumption and increase recycling. We remain responsive to emerging technology to prevent further environmental harm, to current economic events, and to partnerships which promote and support a better environment and better lives for all.

Carbon neutrality

By 2030 (Scope 1&2 emissions)


Net Zero

By 2040 (Scope 3)


0 %

Reduction in food waste by 2030



EV chargers

Current progress

2022 Highlights
Going Green Logo

‘Going Green’

In May 2022 we launched ‘Going Green’, our new energy saving employee engagement campaign, which aims to reduce energy, costs and associated emissions.

EV charging station in carpark

Expanding our EV infrastructure

We have now installed 123 rapid electric vehicle chargers across our estate making it the UK’s largest network of rapid EV chargers in hospitality.

pair being presented an award

Environmental awards

This year Andy Kershaw, our Director of Property, was awarded ‘The Special Achievement Award’ at the Footprint Drinks Sustainability Awards.

Our people and Pub Partners at the heart of our business

Our vision is ‘Pubs to be proud of’ and we recognise that we need engaged and motivated people to help us achieve our vision and strategic objectives. Our people strategy aligns to our corporate strategy and purpose, ensuring we remain focused on the people priorities that support and deliver our strategic objectives. Our Pub Partners are an integral part of our business and influence the character and diverse mix of our pub estate. We recognise that our Partners’ commitment to their businesses is what determines their success.

0 %

Employee engagement participation in 2022


Apprentices in our business


Pubs operating under a Pillar agreement
2022 Highlights
Burnt Chef Project team and cheque

The Burnt Chef Project

The Burnt Chef Project is our new mental health awareness training partner, supporting us to deliver mental health awareness and resilience training to our line managers.

The Copper Beech pub and owners

Reputation for our Pub Partners

Having implemented Reputation into our managed estate, we have now made the system available to our Pub Partners, since January 2022.

Happy team holding Partners Awards trophies

Partners’ awards

In October 2022, the Gunn Inn, West Sussex, our very own tenanted and leased pub, was named Great British Pub of the Year 2022.

Our pubs are at the heart of their communities

Our pubs are highly valued by the communities which they serve. We believe that strong local relationships and understanding what is important to the local guest is essential for the long-term success of our pubs. We constantly strive to create happy, meaningful, memorable experiences. Providing good food and drink is at the heart of our business. Keeping that offering special and innovative is what our guests love.


Suppliers onboarded to SEDEX


Improvement in Reputation score since new menu launch


FTSE4Good score
2022 Highlights
The Pipe Major restaurant & pub

Marston’s Charitable Foundation & Pipe Major, Dagenham

In August 2022, the work the Pipe Major in Dagenham was doing for the local community was brought to the attention of Marston’s Charitable Foundation.

Happy customers choosing from menu

Development of our menus

Our new pub menus for all our pub formats were launched in April 2022. The menus were built from research on what our guests most valued about our food.

Ty Mawr pub

Men’s Shed Ty Mawr Inn, Cardiff

The Men’s Shed is already having a positive impact in promoting the health and wellbeing of local men in Lisvane and the surrounding area.


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Marston’s PLC

Annual Report and Accounts 2022

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