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Tuesday 18 September 2018

Slug and Lettuce owner eats up Be At One

The Stonegate pub company is making a suite of acquisitions to bolster its portfolio.

Stonegate made a bid for rival Revolution Bars last year (PA)
Stonegate made a bid for rival Revolution Bars last year (PA)

By Helen Cahill, Press Association City Reporter

Pub firm Stonegate is acquiring bar brand Be At One alongside a set of 15 bars across London.

Stonegate, which owns the Walkabout and Slug and Lettuce bar brands, said it will operate Be At One as a standalone business with all of the company’s operational team and head office staff remaining in place.

Be At One’s founding directors, Rhys Oldfield, Steve Lock and Leigh Miller, will step down from the business when the acquisition is complete.

These are both excellent acquisitions for Stonegate which are right in our sweet spot Simon Longbottom, chief executive of Stonegate

Stonegate, the fourth largest managed pub company in the UK by sites, is buying up the additional pubs and bars in London’s City and West End from Novus Leisure Limited for an undisclosed sum.

After the acquisitions, Stonegate, which is owned by TDR Capital, will be operating from 739 sites.

Simon Longbottom, chief executive of Stonegate, said: “These are both excellent acquisitions for Stonegate which are right in our sweet spot.”

He said the Be At One brand will help Stonegate solidify its position at the premium end of the market, while the Novus sites comprised a set of high-quality assets in London.

The new acquisitions come after Stonegate found itself in the middle of a bidding war for Revolution Bars last year.

It made a move for Revolution Bars shortly after rival Deltic Group said it was interested in the firm. However, Stonegate ended up abandoning its takeover bid.

Press Association

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