Stonegate Pub Company has announced that it has gained 78 pubs from Bramwell, which went into administration earlier this year.
In a deal worth around £35 million, Stonegate's portfolio will now stand at 625 sites across the UK. It is believed that six of the new sites will be used for the Slug & Lettuce brand, while the rest will be converted into Yates's and Great Traditional Pubs. It is hoped that this new deal will create a wide array of hospitality jobs across the country in the near future.
Stonegate’s chief executive Toby Smith 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.”
Stonegate has been in negotiations with the administrators since the 185-strong operator fell into administration at the end of October. Zolfo Cooper had been taken on as a joint administrator for the firm, and Christie + Co had been appointed to take care of the interest in 35 of its sites. Much of this interest had been in the bars, which collectively turned over £13.4 million in the 11 months leading up to August 2013.
The sites, except The Latchmere in Battersea, were offered on a free of tie basis, and this led to various pub companies and independent operators enquiring about either single units or packages. Most of the businesses on the market stopped trading on November 1st.
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