Slug and Lettuce

Today’s news in brief – 08/07/24

Insolvencies of pubs and bars have jumped 30% in a year, according to data from UHY Hacker Young. For the year ended 30 April 2024, pub and bar insolvencies continued to rise over the last year with fewer and fewer people willing or able to pay an average of £4.75…

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Slug and Lettuce posts pre-tax loss of £3.1m

Slug and Lettuce has reported a pre-tax loss of £3.1m for the 12-month period to September 2023 after the bar chain initially recorded profits of £2.2m in 2022.  Slug and Lettuce has attributed its performance to revenues inching down from £48.6m to £48.5m due to “the impact of the macroeconomic…

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Today’s news in brief – 24/01/24

Wetherspoons revealed that like-for-like sales rose 10.1% during H1 to 21 January compared with last year. The pub chain attributed its performance to bar sales rising by 11.8%, food by 7.9%, and slot and fruit machines by 10.4%. Hotel rooms in its pub estate also saw a rise of 3.1%…

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Big Table Group appoints new Banana Tree managing director

UK hospitality group The Big Table Group has appointed Kate Wilton as Banana Tree’s new managing director. The news comes after Anne Chow, current managing director, announced that she is stepping down from her role after 28 years with the business. Wilton will take up her new role at the…

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Today’s news in brief – 15/01/24

Drake and Morgan reported record festive trading, with like-for-like sales up 31.7% against the same period in 2022. Christmas bookings were up more than 20% on last year across its whole estate. Despite this, the company saw its adjusted EBITDA fall to £4.1m for the year ended 26 March 2023…

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More than 4,500 Stonegate pubs at risk amid £2.6bn debt

More than 4,500 Stonegate pubs could be at risk as parent company TDR capital seeks to refinance £2.5bn of debt, GMB Union has warned. Gary Lindsay, boss of TDR Capital which also owns supermarket giant Asda, told the Business and Trade Select Committee on Tuesday [9 January] he was ‘confident’…

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CMBC announces new partnership with Stonegate Group

Carlsberg Marston’s Brewing Company (CMBC) has announced a new 10-year commercial and logistics partnership with Stonegate Group, the UK’s “largest” pub operator. From Spring 2024, CMBC will become Stonegate Group’s new logistics partner, managing all keg and cask deliveries to Stonegate Group’s extensive managed estate. The agreement will also increase…

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RedCat eyes Stonegate sites for inaugural acquisition

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…

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Stonegate Ei merger must address local concerns, CMA finds

Stonegate Pub Company’s proposed £1.27bn purchase of Ei Group does not raise UK-wide competition concerns but could damage competition in 51 local areas, the CMA has found. The two pub groups operate close to 5,000 pubs across the UK, including popular chains such as the Slug and Lettuce and Yates,…

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Ei Group to be acquired by Stonegate Pubs for £3bn

Pub operators Stonegate Pub Company is set to acquire pub management company Ei Group (EIG), in a deal worth in the region of £3bn. Stonegate has offered all-cash terms that value group’s shares at £1.3bn, a 38% premium over the pre-bid share price, taking into account debt, the deal is…

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