Stonegate Acquires Pub Portfolio from Faucet Inn
February 6, 2017
Stonegate Pub Company
(Stonegate or the Group), is pleased to announce that it has reached agreement
and exchanged contracts to acquire a portfolio of pubs from Faucet Inn Limited (Faucet
Inn), for an undisclosed sum.
Advised by Coffer Corporate Leisure, Stonegate is acquiring three pubs
from Faucet Inn, comprising one freehold and two leasehold sites. The pubs being acquired are located in prime London
locations and include Comptons in Soho.
The acquisition is being funded out of cashflow.
Stonegate has a proven track
record of success in identifying, unlocking value and ultimately delivering
higher returns from the pub assets which it has acquired and has built a reputation
for consistently achieving industry-leading returns on its investments. Examples include the acquisitions of Bramwell
in 2013 and Tattershall Castle Group (TCG) in 2015, both of which continue to
perform strongly. Most recently, Stonegate
acquired 30 bars from iNTERTAIN in December 2016. The Group has also acquired 10 sites from JD
Wetherspoon over recent months
Following the acquisition,
Stonegate will comprise 693 operating venues, further consolidating the Groups
position as a leading high street, managed pub operator in the UK.
Simon Longbottom, Chief Executive
of Stonegate, commented:
This portfolio of pubs from
Faucet Inn is an excellent bolt-on acquisition for Stonegate and further
strengthens our presence in some key trading locations, enhancing our pub
estate in Greater London. We have a
strong track record in integrating, investing in and maximising value from the acquisitions
which we make and have every confidence that these pubs and the teams within
them – will thrive under Stonegates ownership.
I look forward to welcoming our new colleagues into the enlarged group.