Pubs and Bars

RedCat eyes Stonegate sites for inaugural acquisition

Rooney Anand’s investment vehicle is reportedly close to closing a deal for over 40 of the pub company’s sites

RedCat Pub Company, owned by ex-Greene King boss Rooney Anand, is reportedly on the brink of acquiring over 40 pubs from Stonegate.

According to Sky News, the deal could see the owner of Yates’s and Slug and Lettuce offload 42 of its sites as early as this week. 

While the transaction fee of RedCat’s inaugural acquisition is reportedly unclear, an industry source told the publication that the deal is solely waiting for approval from the CMA.

The acquisition has been facilitated by a chain of events that commenced with Stonegate’s £3bn takeover of Ei Group.

In turn, the group agreed with the CMA to reduce its portfolio by 42, leaving the door open for Anand’s return to the UK pubs industry.

RedCat’s entry into the market was revealed earlier this year, as the group raised £200m to fund a series of upcoming acquisitions.

Sources at the time said that Anand’s investment vehicle would not “pursue large corporate takeovers”, instead favouring smaller acquisitions with “scope for improving operational performance”.

Catering Today has contacted Stonegate for further comment.

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