Stonegate Pub Company buys 78 Bramwell sites

15-Nov-2013 - Last updated on 15-Nov-2013 at 11:52 GMT

Stonegate has added 78 ex-Bramwell sites to its pub estate

Stonegate Pub Company, the TDR Capital-backed group, has completed the acquisition of 78 sites from the administrators of Bramwell Pub Company.

According to the Publican's Morning Advertiser sister title M&C Report, the deal that is believed to be valued at around £35m.

The Ian Payne-led company has been in talks over the last couple of weeks regarding acquiring the better performing sites from the 185-strong Roger Moxham-led group, which was placed into administration last month. It is believed that the sites are spread across the UK.

The deal lifts Stonegate to 623 pubs with a c£570m turnover placing it second behind JD Wetherspoon in the high-street sector.

It is thought that six of the sites are to be converted to the Slug & Lettuce brand, with the rest into converted in Great Traditional Pubs, Yates’s and Bars & Venues.

'Fantastic sites'

Toby Smith, chief executive of Stonegate said: “We are delighted to have been able to secure a large number of fantastic sites, many of which are located in towns and cities where we are not currently represented and are looking forward to welcoming our new colleagues to the company.”

Zolfo Cooper was appointed as joint administrators to the company, which underwent a restructure and appointed a new management team led by former Mitchells & Butlers (M&B) executive Moxham little more than a year ago.

Christie + Co, which was appointed by Zolfo Cooper to dispose of the leasehold interest in 35 of its sites has said it has already received high levels of interest in the bars, which had a total turnover of c£13.4m for the 11 months to August.

Interest

It is thought that the expressions of interest in the sites, which with the exception of The Latchmere, Battersea, are offered on a free of tie basis, has run into the hundreds and has come from major pub companies, regional operators and independent groups that have all enquired about either acquiring single units or packages.

The majority of the businesses ceased trading on 1 November, therefore Christie + Co is only able to provide net turnover figures which neither the property advisor nor the joint administrators can warrant.

Christie + Co said it had already received high levels of interest and is therefore requesting all seriously interested parties to submit premium offers.

It is thought that would-be-buyers have been attracted by the prominent high street locations of some of the properties.