Pub merger to create 560-strong portfolio
Thu, 23 Jun 2011 | MERGER
Stonegate Pub Company and Town & City Pub Company have merged to create a 560-public house portfolio.
Stonegate was created in November 2010 with 333 pubs that private equity firm TDR Capital purchased from Mitchells & Butlers for £373 million.
TDR Capital is to be the majority owner of the newly formed group called Stonegate Pub Company.
The first backers of Punch Tavern, TDR were behind the acquisition of a 1,428-pub estate from Bass in 1998. The private equity firm progressed to buy Pizza Express in 2003, joining ASK to become the Gondola Group – with 500 casual dining restaurants – in 2004.
Town & City Pub Company’s brands include Yates’s and the Slug and Lettuce. The new company, with a combined turnover of £500 million, will be a rival to JD Wetherspoon.
TDR Capital’s founding partner, Manjit Dale said, “Stonegate has developed into a leading pub operator with a high quality, well-located estate with over 300 pubs in most major towns and cities across the UK. Town & City has a strong customer proposition and will be an excellent complement to Stonegate.”
“It has been well stewarded through a very rough trading period by its banking consortium owners and we believe will further benefit from being owned by a dedicated, strong pub and leisure group,” He added.
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