He also expects this year to invest in between 20 and 25 of the 78 sites it bought from Bramwell last November, with the majority sitting in its ‘trad’ pubs arm.
Smith declined to reveal trading figures but said the first Missoula, which opened at a former Living Room in Milton Keynes, Buckinghamshire, on 5 December, has “worked really well”.
He added: “We’re delighted for something that’s a complete change.”
The second site, in York, opened last week after a £240,000 investment.
Stonegate bought the 13-strong Living Room estate from Premium Bars & Restaurants last August in a deal thought to be around £10m.
One outlet, in Heddon Street, central London, was placed on the market and another — at St Katharine Docks in east London — re-opened last November as a Slug & Lettuce outlet.
Regarding future Living Room conversions, he said: “The bias probably is more towards Missoula than Slug & Lettuce, simply because some of the locations are close to Slugs and they complement each other.”