scrumpyjack wrote:You may well be right and when the CV dust settles a bid will come along.
It doesn't matter if I'm right, that would just be a cherry on the top and would not be a good reason in itself to continue holding.
scrumpyjack wrote:But re the point about the pubs being less profitable ones, that should already have been baked into a reduced book value.
The pubs are regularly reviewed by specialist valuers and ones with trading problems written down. These had clearly not been written down nearly enough
Best of luck!
As I said, it's about safety of margin rather than absolutes. There's no way anyone can presently value anything precisely given such great uncertainties about the near term future. In that regard, Marstons is no worse than most other investments, although my own personal preference is normally to invest in asset light, high margin businesses, everything has its price.
All the best, Si