CBRE advises Stonegate on disposal of 42 pubs
Global real estate advisor CBRE has advised Stonegate Pub Company on the sale of 42 pubs for an undisclosed sum, in order to satisfy CMA requirements following its acquisition of Ei Group plc.
The buyer is RedCat Pub Company, which was formed in 2021 by Rooney Anand (former CEO of Greene King) and Oaktree, the Los Angeles based investment firm to invest in UK pubs primarily in the South and Midlands of England.
This process was started in 2019 (following the take-private of Ei Group by Stonegate) and halted (with the full agreement of the CMA) by the three COVID lockdowns experienced in England.
We are delighted to have advised Stonegate on this most tricky of disposals. Whilst the 42 pubs are fantastic trading assets, the stop-start nature of the COVID lockdowns have made this a significant challenge. This is the third CMA process in Pubs in the last six years following the acquisition of Spirit by Greene King and Punch by Heineken, and CBRE has advised on all three. We understand not only the disposal process, but also the tricky competition and suitability requirements of potential buyers making CBRE the most experience advisor in this area.