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Slug & Lettuce owner Stonegate exploring sale of 75 sites - report

By Michele Maatouk

Date: Friday 01 Jul 2022

(Sharecast News) - Slug & Lettuce and Be at One owner Stonegate Group is reportedly exploring the sale of a 75-strong portfolio that could fetch up to £100m.
According to Sky News, Stonegate has hired advisers to gauge potential buyers' appetite for the pubs, which are located mainly in London and south-east England. City sources said that Eastdil, the real estate investment bank, and Sapient Corporate Finance had been engaged to work on the deal.

The sale process comes as the hospitality industry grapples with soaring inflation and labour shortages across the sector.

The portfolio of Free-of-Tie pubs being earmarked for sale by Stonegate, which has been given the code-name Project Silver, accounts for only a tiny proportion of the company's overall estate, Sky said.

Stonegate is controlled by private equity firm TDR Capital, which also has big stakes in businesses such as Asda and petrol retailing giant EG Group. It is run by industry veteran Simon Longbottom, who has held the role since 2014.

A spokesperson for Stonegate declined to comment on the story.


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