Stonegate merges with Town & City Pub Company
Stonegate, the pub company which last year bought 333 pubs from Mitchells & Butlers, has merged with Town & City Pub Company, it was announced today.
The combined group has 560 pubs with revenues approaching £500m and will employ over 10,000 people, making it the largest privately held managed pub operator in the UK.
Operating under the name Stonegate Pub Company, with private equity firm TDR Capital the majority owner, the management team will be led by Ian Payne, who continues as chairman.
Manjit Dale, TDR Capital's founding partner, said: "Town & City has a strong customer proposition and will be an excellent complement to Stonegate.
"It has been well stewarded through a very tough trading period by its banking consortium owners and we believe will further benefit from being owned by a dedicated, strong pub and leisure group.
"The UK pub industry continues to undergo significant change. This merger further strengthens our platform and positions us to be leaders in this shake-up."
The partners at TDR Capital were the original backers of Punch Taverns in 1998, co-ordinating the acquisition of an estate of 1,428 pubs from Bass and the first tied pub securitisation.
In 2003 TDR Capital acquired PizzaExpress, combining it with ASK in 2004 to create the Gondola Group, a casual-dining group with over 500 restaurants across the UK.
The rest of the senior management team is made up of Toby Smith as chief executive, Chris Keen as chief financial officer, Suzanne Baker as commercial director and Graham Jones as chief operating officer.
Mitchells and Butlers completes sale of 333 pubs to Stonegate >>
Town and City Pub Company boosts turnover by 59% >>
Stonegate launches Irish pub brand Molloy's >>
By Janie Stamford
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