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Mon 29th Mar 2021 - RedCat Pub Company set to acquire 42-strong pub package from Stonegate in circa £20m deal
RedCat Pub Company set to acquire 42-strong pub package from Stonegate in circa £20m deal: RedCat Pub Company, the new investment vehicle from ex-Greene King chief executive Rooney Anand, is set to make its maiden acquisition, with a deal for the 42-strong package of pubs, which were originally placed on the market to address competition concerns surrounding Stonegate Pub Company’s £3bn acquisition of Ei Group. As first reported by Sky News, a source close to RedCat said the deal could be completed as soon as this week, and was awaiting the approval of the Competition and Markets Authority (CMA). Propel understands a deal for the 42 pubs, which comprises 30 freehold and 12 leasehold sites and consists of 32 Ei Group properties and ten Stonegate, is valued at about £20m. Stonegate agreed to sell the pubs, which were being marketed by CBRE, at the end of 2019 to get CMA approval. Propel revealed last October several parties had submitted bids to acquire the entire package of 42 pubs. Admiral Taverns and real estate investment company Aprirose were among the parties previously interested in the pubs. RedCat was founded earlier this year by Anand to invest in the UK pub sector and is backed by US investment firm Oaktree Capital. Oaktree is thought to have injected £200m into RedCat, which is led by Chris Hill, the former chief executive of New World Trading Company. RedCat’s objective is to partner with talented licensees, publicans and entrepreneurs to support the recovery of the pub sector. It will look to acquire quality retail and tenanted pubs across the UK but with a focus in the east, south east, and south of the UK. RedCat’s approach is highly flexible and size agnostic, allowing it to acquire single assets, all the way through to larger-scale organisations. The 32 Ei Group pubs included in the CMA package are The Old Ford in Ash Vale, Surrey (freehold); The Anchor Inn in Benfleet, Essex (freehold); The New Inn in Erdington, West Midlands (freehold); the Red Lion in Erdington, West Midlands (freehold); The Bay Horse in Fulford, North Yorkshire (freehold); The Plough in Fulford, North Yorkshire (freehold); The Rylston in Fulham, south west London (freehold); Barca in Gosforth, Tyne and Wear (freehold); the Blacksmiths Arms in Gosforth, Tyne and Wear (freehold); Home Bar & Kitchen in Ickenham, west London (freehold); The Hyde Arms in Edmonton, north London (freehold); Railway Tavern in Edmonton, north London (leasehold); Fishermans Rest in Bedwas, Monmouth (freehold); The White Hart in Tongham, Surrey (freehold); The Clarence in Fulham, south west London (freehold); The Colton Arms in West Kensington, west London (leasehold); The Cumberland Arms in Hammersmith, west London (leasehold); The Elm in Fulham, south west London (freehold); the Old Oak in West Kensington, west London (freehold); Bar Italia in Uxbridge, west London (freehold); The Beehive in Birkenhead, Merseyside (freehold); Beeswing Ale House in York, North Yorkshire (freehold); Caerphilly Cwtch in Caerphilly, Gwent (freehold); The Garden Farm in Chester-Le-Street, County Durham (leasehold); Imperial Tavern in Birkenhead, Merseyside (freehold); Masons Arms in Caerphilly, Gwent (freehold); Old Packet House in Altrincham, Greater Manchester (freehold); Prenton Park in Birkenhead, Merseyside (freehold); The Station Inn in Caerphilly, Gwent (freehold); The Swan in Wickford, Essex (freehold); The Antelope in High Wycombe, Buckinghamshire (freehold); and Three Tuns in Wycombe, Buckinghamshire (freehold). The Stonegate sites are the Slug and Lettuce in Beckenham, south east London (leasehold); Chiltern Taps in High Wycombe, Buckinghamshire (leasehold); The Bull in Barming, Kent (leasehold); The Occasional Half in Palmers Green, north London (leasehold); Bird In Hand in Forest Hill, south east London (leasehold); The Gate House in Tonbridge, Kent (leasehold); The Goose in Fulham, south west London (freehold); The Redback in Fulham, south west London (leasehold); The Dam Inn in Wakefield, West Yorkshire (freehold) and The Elmbridge Arms in Weybridge, Surrey (leasehold).

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