The UK’s largest pub operator, Stonegate Group, is preparing to sell 23 of its pubs.
The company has appointed real estate firm Savills to handle the sales, with all the properties currently leased on long-term agreements.
The portfolio includes London pubs such as the Dog and Duck in Walthamstow, the Crown and Anchor in Bromley, and the Wickham Arms in Brockley, along with venues across England including the Garden Bar in Hove and the Golden Ball in York. The properties are available for purchase either individually or in small groups.
Stuart Stares, director in Savills licensed leisure, said: “Pubs are proving to be a resilient and increasingly attractive asset class, driven by the sector’s strong fundamentals – long leases, index-linked rent reviews and resilient trading performance. Investor confidence is being buoyed by improving trading performance, significant reinvestment by operators and a more favourable economic outlook – including falling interest rates and steady consumer demand. As a result, we’re seeing renewed appetite for well-let pub assets, particularly those with long-term growth potential.”
The sale follows news earlier this year that the pub group was preparing for job cuts in response to rising cost pressures.
According to The Telegraph, Stonegate recently appointed restructuring specialists AlixPartners to advise on plans that could see up to 150 roles cut across its head office and central functions.
Founded in 2010 with 333 pubs, Stonegate has since grown to operate more than 4,500 venues under well-known brands including Slug and Lettuce and Be At One.
The company is owned by private equity firm TDR Capital and became the UK’s largest pub operator following its acquisition of rival Ei Group in March 2020.