Britain's biggest pub group, Stonegate, could sell some of its most valuable sites as it seeks to reduce its £3 billion debt pile. Heineken is reportedly among several potential buyers considering a deal for the company's "Platinum" pub portfolio.
Britain's biggest pub group, Stonegate, could soon become considerably smaller as it seeks to cut its £3 billion debts and improve its operating performance.
City sources cited by The Sunday Times suggest that three or four potential buyers are circling the company's "Platinum" group of pubs, which could be worth up to £300 million.
The leading contender is said to be Heineken, which already operates about 2,350 pubs across Britain through its Star Pubs business. The two sides are reported to have been negotiating throughout the summer.
Stonegate, which has about 4,500 pubs, has been considering the sale of 1,000 of its premium outlets. The Sunday Times reported last autumn that it was seeking about £1 billion for the sites, all of which are freeholds and among its best-performing pubs.
Heineken has made no public comment on the reports. A deal has not yet been agreed and other potential bidders are said to be considering ...