The Solihull-based firm currently operates around 4,500 pubs and bars across the UK, including some of the high street’s most recognisable chains, including Slug & Lettuce, Be At One, Walkabout and Popworld.
According to city sources cited by The Times, up to four potential buyers are said to be interested in the company’s ‘Platinum’ group of pubs, which is estimated to be worth £300 million.
The most credible candidate is reported to be Dutch brewing giant Heineken, which is looking to add to its current portfolio of around 2,350 pubs in the UK, operated via the Star Pubs brand. The two sides are said to have been negotiating over the summer.
Run by former BrewDog director David McDowall, Stonegate has accrued significant debts of roughly £3 billion, much of which resulted from a pre-Covid expansion drive, including the purchase of rival Ei Group, formerly Enterprise Inns, in 2019.
These acquisitions were then severely impacted by the forced closure of pubs nationwide during the Covid-19 pandemic.
As a result, Stonegate is now said to be considering the sale of around 1,000 of its premium venues. The Sunday Times reported last year that the company was seeking £1 billion for the sites.
Other interested parties are also said to be considering offers, including private equity firm Terra Firma, founded by Guy Hands, private equity group Bain Capital and US activist investor Elliott Advisors, which owns a stake in Pernod Ricard.
