AAIM in talks to buy Marston's pubs

Former Ultimate director of development Colin Rowlinson is to head a new sector entrant tipped to win the auction to buy 279 Marston's pubs currently on the market.

Rowlinson, who also worked with Punch boss Giles Thorley at Nomura in the 1990s, has been hired to front Alternative Asset Investment Management (AAIM), an investment fund that has the backing of celebrities such as Manchester United boss Alex Ferguson and music mogul Simon Cowell.

AAIM is in exclusive talks to buy the Marston's pubs for around £80m, which suggests a price of £286,000 per pub and earnings per pub of £26,400.

The rumoured purchase price indicates the Marston's portfolio is lower quality

than the 869 Punch pubs bought by Admiral Taverns earlier this month, which

had earnings per pub of £34,600.

Reports suggest the deal to buy the 279 Marston's pubs should go through in mid-May and may be the first step in moves by AAIM to build an estate of 1,500 pubs.

AAIM has teamed up with Bank of Scotland and has an acquisitions war chest of £2bn. Rowlinson, who quit Ultimate last November, worked closely with Ultimate boss Mark Jones for a couple of years.

They worked together at Yates Group before it was bought by Robert Tchenguiz's Laurel Pub Company.

The pair were also involved in a profitable private in-

vestment in Revolution vodka bar operator Inventive Leisure, where share values were boosted by eventual moves to take it private by Alchemy Partners, the private equity firm headed by Jon Moulton.