Stonegate, Britain's largest pub group, is reportedly considering the sale of up to 1,000 of its sites in a deal that could be worth £1 billion. The group, which operates chains including Slug and Lettuce and Be At One, owns 4,300 pubs across the UK.
The potential sale comes as Stonegate seeks to address debts estimated at around £3 billion, largely incurred following its merger with rival Ei in 2019, just months before the Covid-19 pandemic severely impacted the hospitality industry. The group posted a loss of £214 million in 2024.
According to The Times, Stonegate has discussed plans with advisers to sell its 'platinum' collection of pubs, which are located in lucrative areas. Previous attempts to sell individual sites were unsuccessful.
The group had previously secured a £638 million loan from private equity firm Apollo against these platinum sites. The terms of that loan, which prevented Stonegate from selling or refinancing the pubs, are set to expire in January 2026, freeing the company to pursue a sale.
Advisers have suggested selling the pubs in large batches rather than individually. Stonegate's chief executive, David McDowall, who joined the company in 2023 from BrewDog, had previously outlined a 'transformation plan' for the business.
