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Slug and Lettuce owner buys Be At One

Slug and Lettuce owner Stonegate Pub Company has purchased Be At One in a takeover worth £50m.

Stonegate has also announced the acquisition of 15 new sites from Novus Leisure, these include London pubs The Gable, Abbey Bar, and The Forge. The deal will see 48 new sites added to Stonegate’s retail portfolio bringing the total number to 739 premises, with another significant acquisition on the way.

Stonegate also runs the Yates pub chain and Australian bar chain Walkabout, the company had wanted to takeover Revolution bars however the company was rejected by Revolution shareholders.

Be At One completed a £20m refinancing deal with Santander last year amid trouble on the high street due to rising business costs and decreasing footfall. Stonegate Pub Company CEO Simon Longbottom, said: “These are both excellent acquisitions for Stonegate which are right in our sweet-spot. Be At One is a business we know well and have admired for some time.

“This acquisition is a great cultural fit with our existing portfolio and Be At One’s strong association with the delivery of premium cocktails in high street locations, capitalising on the growing trend of premiumisation, further consolidates Stonegate’s leading position in this market segment.”

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