It’s been a tumultuous year in the pub trade on the acquisition front but the news that Stonegate was bidding for the much larger Ei Group still caught many by surprise. One of the leading architects of the deal Simon Longbottom reveals all.
Stating that it ‘does not necessarily’ agree with advice issued by the pubs code adjudicator (PCA), Ei Group has refunded tenants who experienced rent increases following the serving of an market-rent-only (MRO) notice.
Stonegate’s intention to buy Ei Group for £1.27bn could make the latter business stronger than ever under the leadership of boss Simon Longbottom, one industry spectator has ventured.
A Sheffield licensee has said she wants publicans who are thinking about beginning the process to go free of tie from their pubco/brewery to know “there is light at the end of the tunnel”.
Ei Group and Stonegate had only been discussing an acquisition deal since May, before deciding on a “generous” £1.27bn price, The Morning Advertiser (MA) understands.
Stonegate is prepared to pump money into all aspects of Ei Group’s estate, should the deal go through, chief executive Simon Longbottom has told The Morning Advertiser (MA).
Stonegate Pub Company has today (18 July) agreed to buy pubco Ei Group for £1.27bn, which will see the operator’s estate rise by 4,000 sites, making Stonegate the UK’s largest pub owner.
