More than 400 pubs up for grabs across UK as Stonegate 'to sell off 1,000 sites'

13 February 2023 , 13:43

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Stonegate is reportedly set to sell off 1,000 pubs (Image: Getty Images)

Running a pub is a dream job for many as the traditional English boozer is a national institution that millions enjoy every day.

It may then be good news for some that more than 400 pubs are listed by Stonegate as currently available under a tenancy agreement.

Stonegate, which is owned by private equity firm TDR Capital, is the largest pub company in the UK and the name behind brands including Be At One and Slug and Lettuce.

It was recently reported that Stonegate is looking to sell around 1,000 of its pubs, roughly one-fifth of its total portfolio, for an estimated £800million.

Bloomberg, which first reported this, claims the group is looking to scale back after acquiring a whopping £2.6billion debt pile.

Pub giant behind Slug and Lettuce 'to sell 1,000 pubs' in new blow for boozers

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Stonegate has so far declined to comment on this report. You can see a full list of more than 400 pubs listed as available on the Stonegate website here.

Stonegate says it has 1,289 pubs, bars and nightclubs.

In a previous interview, Ian Payne, Stonegate chairman said the cost of energy was his "biggest concern" right now.

He said: “We know what we’re going to pay in February and March, but we still don’t know what we’re going to pay beyond that.”

Pubs across Britain are also facing higher beer and food costs from their suppliers, while their customers are being squeezed on all fronts by inflation and the cost of living crisis.

Just before the pandemic, Stonegate became Britain’s biggest pub group after spending nearly £1.3 billion buying rival Ei Group, formerly known as Enterprise Inns plc, which was the largest pub company in the UK and had around 5,000 properties.

Stonegate isn't the only pub chain looking to skim back its portfolio.

Wetherspoon boss Tim Martin recently announced that it currently has 35 pubs up for sale across England and Scotland - having already sold 11 of its sites.

Chairman Tim Martin said that a decision was made to sell off the pubs due to rising food and energy costs and lack of staff.

All the shops, pubs and banks closing this year from Paperchase to Wetherspoon

The pubs will remain open and continue to trade as Wetherspoon sites until they are sold.

Pub and bar bankruptcies across the UK rose from 280 in 2021 to 512 last year, accountancy group UHY Hacker Young said.

Peter Kubik of UHY Hacker Young says the cost of living crisis has made it hard for hospitality firms to keep operating.

Ruby Flanagan