Stonegate Pub Company is set to complete the acquisition of cocktail chain Be At One today for a reported £50m.
The company, which operates nearly 700 pubs and bars across the UK including brands such as Slug and Lettuce, Walkabout, Yates and Classic Inns, will be taking over Be At One's 33-strong portfolio.
The owners were reported to be exploring a potential £60m sale last year. The chain was founded by the three former TGI Friday's bartenders in 1998.
The brand recently opened a new site in London's Soho, and new sites are due to open in Chelmsford later this month and Birmingham in August. Stonegate plans to continue to expand Be At One, as well as investing in the existing estate.
Stonegate reported revenue of £720.9m and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of £106.2m for the 52 weeks to 8 April 2018. In the 53 weeks ended 2 April 2017, Be At One reported revenue of £36.9m and site EBITDA of £9m.
Simon Longbottom, chief executive of Stonegate, said: "This acquisition is a great cultural fit with our existing portfolio and Be At One's strong association with the delivery of premium cocktails in high-street locations, capitalising on the growing trend of premiumisation, further consolidates Stonegate's leading position in this market segment. We see excellent potential to continue to grow the business, investing in the brand and its people."
Stonegate has also announced the acquisition of 15 central London leasehold sites from Novus Leisure for an undisclosed sum. Stonegate says the acquisitions "will further consolidate Stonegate's position" and the company plans to invest in the sites.
Longbottom added that the Novus sites "comprise a portfolio of high quality assets which will further establish our leading credentials in London". The acquisitions will take Stonegate's operating portfolio to 739 venues.
Stonegate walked away from a potential takeover of rival Revolution Bars Group last year after Revolution's shareholders rejected a £101.5m takeover offer.