RedCat Pub Company makes first acquisition of 42 Stonegate sites
Rooney Anand's RedCat Pub Company has made its first acquisition of 42 former Stonegate sites for an undisclosed sum.
The disposal is the result of Stonegate's acquisition of Ei Group in 2019, after which the Competition and Markets Authority (CMA) mandated Stonegate to dispose of 42 pubs which it had identified to address competition concerns in certain areas.
The package of pubs comprises 30 freehold and 12 leasehold sites and consists of 32 former Ei Group-owned properties and 10 former Stonegate sites. The deal expected to complete in the summer.
Following completion Stonegate Group will be left with 4,630 venues consisting of 1,290 managed and 3,340 leased and tenanted pubs.
Former Greene King chief executive Anand (pictured) announced the creation of the RedCat Pub Company earlier this year, an investment vehicle backed by funds managed by Oaktree Capital Management, which has raised at least £200m of equity to invest in the UK pub sector.
The group looks to acquire retail and tenanted pubs across the UK with a focus in the east, south east, and south. Former New World Trading Company's Chris Hill has been appointed chief executive.
Anand, executive chairman of RedCat Pub Company, said: "Today's announcement is the first step in our plan to build a differentiated pub company, and the acquisition of these pubs gets RedCat off to an excellent start. This will help us to serve the local community and add value to the neighbourhoods that we invest in, as we play our part in rebuilding the sector. I want to thank my team for all their hard work over the last few months. I look forward to working with our new colleagues and building an exciting pub company and future."