Marston’s PLC (LON:MARS), the pub owner, shot up 16% as it said it had been approached about a cash takeover from Platinum Equity Advisors.

No price was mentioned and Marston’s said its board will evaluate the proposal and make a further announcement.

Marston’s, which has been in operation for more than 180 years, itself has an estate of 1,368 pubs comprising leasehold, managed and franchised outlets.

The Burton-on-Trent group has been a consolidator of pub groups recently and last year spun out its brewing arm, famous for brands such as Pedigree, Banks’s Bitter, Hobgoblin, Brakspear, Shipyard and Bombardier into a joint venture with Danish giant Carlsberg.

Last month, it agreed a deal to run 156 pubs in Wales owned by the Brains company.

Pub groups have been grappling with the effective shut-down of the industry during the three UK Covid-19lockdowns so far, but have an appeal to foreign buyers.

EI was acquired by private equity firm TDR in 2019 and Hong Kong billionaire Victor Li bought Greene King for £2.7bn in the same year.

Shares in Marston’s rose 12p to 86.9p, valuing the group at around £550mln.

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