Stonegate acquires 53 TCG pubs

01 October 2015 by
Stonegate acquires 53 TCG pubs

Stonegate Pub Company has acquired 53 TCG pubs in a deal thought to be worth £100m.

The deal will see the Slug and Lettuce operator convert the TCG pubs to its seven different formats, which also include Yates's, the Living Room and Classic Inns.

Among TCG's best-known sites, which Stonegate acquires as part of the agreement, are London landmarks such as the Tattershall Castle, a floating pub on the Thames, and the St James Tavern in Soho.

It takes Stonegate's estate to 665 pubs, including 37 new freeholds from the TCG estate.

The company, now Britain's fourth biggest managed pub operator, is expected to undertake a £1b stock market listing in the first quarter of next year, according to The Times.

Stonegate was created in 2010 as a result of a £373m buyout of 333 Mitchells & Butlers pubs, backed by TDR Capital.

Earlier this year, in June, it acquired 15 Scottish pubs after taking over Maclay Group.

Simon Longbottom, chief executive of Stonegate Pub Company, said: "I am delighted to welcome our new colleagues from TCG into the wider Stonegate family. TCG is a high-quality business which we have coveted for some time, with good people, attractive assets and considerable growth potential.

Nigel Wright, chief operating officer of TCG, said: "This is an excellent outcome for the dedicated and very talented people of TCG who have consistently delivered a performance ahead of industry benchmarks, for the most part without the capital investment that would allow their venues to realise their full potential.

"It is a great fit both culturally and locationally. I am personally looking forward to see what TCG's pubs and people will go on to achieve with the increased levels of personnel development and investment that Stonegate will be able to provide."

Stonegate acquires 15 Maclay Inns pubs >>

Former Greene King boss appointed CEO of Stonegate Pub Company >>

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