High street favourites like Be At One, Yates, and Slug and Lettuce have long been mainstays for UK pub-goers, but many of these popular venues could soon see new ownership.
The Stonegate Group, which operates over 4,500 pubs across the country, is reportedly exploring options to sell around 1,000 sites in deals valued at roughly £1 billion.
Stonegate’s Background and Expansion
Stonegate, owned by private equity firm TDR Capital, became the UK’s largest pub operator after merging with Ei Group in 2019.
The firm also acquired hundreds of pubs from Mitchells & Butlers in 2010.
The pandemic, however, hit hard, forcing temporary closures and piling on debt that has lingered despite a refinancing deal in 2024 designed to last until 2030.
Why Pubs Might Change Hands
The pubs under discussion, dubbed the “Platinum portfolio,” were previously securitised with a £638 million private equity loan.
While Stonegate says the venues themselves would remain open, the end of a non-call period on this loan in January 2026 could allow partial or full sales to potential buyers.
Company sources insist that any purchaser would be expected to keep the pubs running.
Popularity and Customer Offers
Many Stonegate pubs remain busy, especially at weekends.
Chains like Slug and Lettuce draw crowds with “2-4-1” cocktail deals and bottomless brunches.
However, some venues caused controversy in the past year for introducing “dynamic pricing,” where customers pay more for drinks during peak times such as sports events, with typical increases of around 20p per pint.
The Bigger Picture for UK Pubs
Financial pressures across the hospitality sector have only intensified.
High inflation, rising energy bills, and increased National Insurance contributions have created a “perfect storm” for pub operators.
The British Beer and Pub Association (BBPA) warns that more than 2,000 pubs could be forced to close next year without urgent government intervention to reduce business rates and provide relief.
Economic and Community Concerns
The potential closures could threaten thousands of jobs and local economies.
Already, pubs account for just 0.4% of UK turnover but pay 2.1% of the business rates bill.
The BBPA is urging Chancellor Rachel Reeves to cut rates by 20p in the pound for pubs, a move they claim could save nearly 40% of at-risk venues and preserve around 5,400 jobs, generating close to £100 million in Gross Value Added for the economy.
Regional Impact of Pub Closures
Research shows that pub closures are widespread across the UK.
Leeds, in the Chancellor’s own constituency, has lost 56 pubs since 2014.
Camden, where Sir Keir Starmer is MP, has seen 7 pubs close, representing a near 3% loss.
Kingston-upon-Thames, represented by Liberal Democrat leader Ed Davey, has suffered the highest proportionate loss, with 9 pubs shutting down since 2014—a reduction of 11.4%.
What Happens Next
Stonegate has emphasised that no final decisions have been made, and the company is continuing with its broader transformation strategy.
For customers, communities, and pub staff, the hope is that any ownership changes will keep the beloved venues open while securing their long-term financial stability.
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