🚨 Big Pub News! 🍻
One of the UK’s major pub chains, Stonegate Group, known for Slug and Lettuce and Be At One, is considering selling over 1,000 of their pubs, which is nearly a quarter of their massive 4,300 venues! Despite racking up a whopping £1.7 billion in turnover last year, the company is facing hefty debts surpassing £3 billion. This financial weight stems largely from their 2019 purchase of Ei Group, just before the pandemic hit hard.
The buzz started with reports in The Times, suggesting that up to 1,034 ‘platinum’ pubs could go on the market, valued around £1 billion. Stonegate’s management has been chatting with potential advisers about their options. A spokesperson noted they could be looking at refinancing, a partial sale, or a full sale of these sought-after spots. 🏢💰
Back in 2023, Stonegate tried selling a similar number of pubs but didn’t manage to seal the deal. Instead, they secured a £638 million loan from private equity firm Apollo. With the restriction period on this loan ending in January, all eyes are on Stonegate to see their next move.
Established in 2010, Stonegate originally snapped up pubs from Mitchells and Butlers for £373 million. More recently, in September, they listed 23 pubs for sale, with Savills leading the process. 🏠🍺
Meanwhile, over at Wetherspoons, head honcho Tim Martin is promising to keep price hikes minimal, even as costs rise due to taxes and energy. They’ve posted revenues of £2.13 billion but are staying cautious about future financial outcomes.
It’s definitely a moment to watch in the world of British pubs! Cheers to whatever comes next! 🍻✨