Stonegate Pub Company has announced the acquisition of three central London sites from pub, bar and boutique hotel operator, Faucet Inn.
The deal includes the Catcher in the Rye, Finchley, the College Arms, in Fitzrovia, central London, and Compton’s Soho. Two sites have been bought leasehold, while one is freehold. The acquisition is being funded out of cashflow.
Stonegate’s chief executive, Simon Longbottom, said the deal will further consolidate the group’s position as a leading high street, managed pub operator in the UK.
'This portfolio of pubs from Faucet Inn is an excellent bolt-on acquisition for Stonegate and further strengthens our presence in some key trading locations, enhancing our pub estate in Greater London,' he said.
'We have a strong track-record in integrating, investing in and maximising value from the acquisitions which we make and have every confidence that these pubs – and the teams within them - will thrive under Stonegate’s ownership. I look forward to welcoming our new colleagues into the enlarged group.'
The deal will take Stonegate’s total estate to 693 sites. The company bought 10 sites from JD Wetherspoon in recent months, as well as 30 bars from Intertain back in December.