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Tue 29th Sep 2015 - Stonegate buys 53 Tattershall Castle pubs
Stonegate buys 53 Tattershall Castle pubs: Stonegate Pub Company has acquired 53 pubs from Tattershall Castle Group for an undisclosed sum. TCG is a diversified drink-led pub business with a quality estate of pubs and bars located across the UK, spanning Newquay to Inverness, and Cardiff to Norwich with particular strength in London and the south east. The acquisition consists of 53 pubs including the famous Tattershall Castle flagship floating bar which is moored on the River Thames on London’s Victoria Embankment. Following the acquisition of the 53 pubs Stonegate will have 665 operating sites, which represents a 100% increase in the total number of pubs since creation, establishing the group as the fourth largest managed pub company in the UK. Stonegate operates seven different formats which appeal to a breadth of customers and occasions from high street pubs and bars, such as Slug & Lettuce, to traditional country inns and local community pubs. This distinctive approach gives flexibility to apply the right format to sites and to capitalise on the customer opportunity, ensuring the trading opportunity is maximised for every asset. The TCG portfolio will further consolidate Stonegate’s position as a leading high street, managed pub operator in the UK. The assets being acquired primarily consist of freehold pubs. The acquisition is highly complementary with the group’s existing estate. It is an excellent strategic fit with the group’s seven formats and all 53 pubs will naturally migrate into one of these; furthermore over half of the pubs being acquired are in London and the south east. The group plans to invest in the majority of the 53 TCG pubs being acquired over the next three years. Stonegate has a track record of consistently achieving ROI in excess of 40% on its investments. There is also the potential to deliver significant synergy benefits by leveraging Stonegate’s economies of scale in the context of the enlarged business. Simon Longbottom, chief executive, of Stonegate Pub Company, said: “I am delighted to welcome our new colleagues from TCG into the wider Stonegate family. TCG is a high quality business which we have coveted for some time, with good people, attractive assets and considerable growth potential. Our strong reputation and position in the market firmly establishes Stonegate as the natural home for a leading pub portfolio of this kind. The acquisition is a perfect fit with our existing estate – both geographically and operationally - and is entirely consistent with our stated strategy to capitalise on the drink-led opportunity. We will continue to implement our ambitious expansion plans to build one of the leading managed pub businesses in the UK.” Nigel Wright, chief operating officer of TCG, added: “This is an excellent outcome for the dedicated and very talented people of TCG who have consistently delivered a performance ahead of industry benchmarks, for the most part without the capital investment that would allow their venues to realise their full potential. It is a great fit both culturally and locationally. I am personally looking forward to see what TCG’s pubs and people will go on to achieve with the increased levels of personnel development and investment that Stonegate will be able to provide.” Sapient Corporate Finance advised Stonegate on the acquisition.

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