Heineken in talks to buy 300 Stonegate pubs, reports claim
According to The Sunday Times, the brewer’s Star Pubs & Bars business is close to a deal with Stonegate following talks over the summer.
“No decisions have been made. We are continuing to make good progress on our transformation strategy, with profits up 9% to a record £201m in the first half of the year.”
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Heineken currently operates around 2,350 pubs across Britain through Star Pubs & Bars.
Stonegate, which has around 4,500 pubs, has been reviewing options for its Platinum portfolio, made up of about 1,000 freehold pubs.
The group previously said options for the portfolio could include a refinancing, partial sale or full sale.
Platinum estate
Stonegate confirmed last year it was exploring options for the Platinum estate, after reports the group was considering a sale of around 1,000 pubs.
The Sunday Times has now reported Heineken is nearing a deal for a similar number of sites, although it said there was no guarantee a deal would take place.
The report also said other potential bidders remained interested in the estate.
“No decisions have been made. We are continuing to make good progress on our transformation strategy, with profits up 9% to a record £201m in the first half of the year.”
Estate changes
Stonegate has also faced scrutiny from the Pubs Code Adjudicator, which launched an investigation earlier this year into concerns around parts of its leased and tenanted estate. The regulator has not reached any conclusions.
A Heineken spokesperson told The MA: “We are aware of reporting regarding a package of pubs offered to the market by the Stonegate Group, but as a business we will not comment on speculation of this nature.”
