Rooney Anand executive chairman of new investment company RedCat Pub Company, has said the group’s acquisition of a 42-estate of pubs from Stonegate Group is the “first step in our plan to build a differentiated pub company”. RedCat’s entry into the market was revealed earlier this year, as the group raised £200m to fund a series of upcoming acquisitions.
Stonegate agreed with the Competition and Markets Authority (CMA) that it would offload 42 sites as a condition of its takeover of Ei Group in 2019 – the company formerly known as Enterprise Inns.
The package of pubs comprises 30 freehold and 12 leasehold sites and consists of 32 former Ei Group-owned properties and 10 former Stonegate sites. The deal expected to complete in the summer.
Following completion Stonegate Group will be left with 4,630 venues consisting of 1,290 managed and 3,340 leased and tenanted pubs.
The group looks to acquire retail and tenanted pubs across the UK with a focus in the east, south east, and south. Former New World Trading Company’s Chris Hill has been appointed chief executive.
Anand, executive chairman of RedCat Pub Company, said: “Today’s announcement is the first step in our plan to build a differentiated pub company, and the acquisition of these pubs gets RedCat off to an excellent start. This will help us to serve the local community and add value to the neighbourhoods that we invest in, as we play our part in rebuilding the sector. I want to thank my team for all their hard work over the last few months. I look forward to working with our new colleagues and building an exciting pub company and future.”
The deal is expected to complete at the end of May in time for when pubs are allowed to reopen for indoor trading.