Marston's, the pub owner and brewer, is raising £176m in a rights issue in order to buy land and build new pubs.

The company, which sponsors the England cricket team with its Pedigree brand, has its eye on around 60 sites, nine of which it already owns, on main roads and close to retail and leisure parks.

Derek Andrew, managing director of Marston’s managed pubs, said the company has been able to secure good prices for the land because competition from other pub owners, such as Mitchells & Butlers, has melted away since the start of the credit crunch. The land is now up to 25% cheaper than it was a year ago and building costs have also fallen by 10%, he said.

Daily Telegraph