Midlands pub operator and brewer Marston’s PLC has secured a new banking facility of £257.5 million in a deal led by Barclays Corporate.

The Wolverhampton-based company will use the funding for working capital purposes and capital expansion.

It has plans to complete around 25 new build sites in the next financial year, creating around 1,000 new jobs.

Marston’s operates more than 2,000 pubs and bars across England and Wales, making it the fourth largest pub operator in the UK.

It also runs five breweries

The company recently announced a 4.8 per cent rise in revenue to £682.2 million with a 9.4 per cent rise in pre-tax profits of £80.4 million.

The increases were largely driven by food sales which were up by five per cent and now represent 42 per cent of sales across the business.

Marston’s has enjoyed a relationship with Barclays spanning 100 years.

Matthew Potter from Barclays’ debt finance team helped lead and co-ordinate the transaction on behalf of the banking group.

Also involved in the deal were HSBC, Lloyds TSB, RBS and Santander.

Mr Porter, relationship director for Barclays Corporate in the Midlands said: “We have enjoyed a long-standing relationship with Marston’s for many years.

“They have a strong management team in place, who have successfully implemented their growth strategy and I look forward to working with them in the future as they realise their expansion plans.”