Home Business News Slug and Lettuce buys 4,000 pubs for £1.28bn
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Slug and Lettuce buys 4,000 pubs for £1.28bn

by LLB Reporter
18th Jul 19 10:06 am

Walkabout and Yates the company behind Slug and Lettuce has bought EIG, formerly known as Enterprise Inns 4,000 pubs and properties for £1.28bn.

Stonegate’s private equity backers are keen to grow and this is the second deal for TDR Capital the private equity firm who recently bought We Buy Any Car for £1.9bn in June.

Stonegate’s bid values the shares at 285p each which is 38.5% above the Wednesday closing price.

In 2010 Stonegate was set up by TDR as a vehicle company to buy 333 pubs from Mitchell and Butlers.

The company said, “With greater scale and diversification, Stonegate believes that the combined group will be better positioned to compete effectively in what is expected to be a challenging operating environment for the foreseeable future, which would be to the benefit of all stakeholders including tenants, employees, customers and local communities.”

Ian Payne, chairman of Stonegate said, “We look forward to working with EIG and its publicans to support future growth and create stronger pubs at the heart of communities across the UK.”

Robert Walker, chairman of EIG said, “The commercial benefits of combining the companies are compelling.

“Stonegate is committed to continuing to invest in the business for the future benefit of the combined business, tenants and employees. The EIG board believes that this is a combination it can recommend with confidence to shareholders and stakeholders alike.”

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