Stonegate confirms Be At One buyout and adds more City bars to portfolio | City A.M.
Stonegate Pub Company has today confirmed its acquisition of bar chain Be At One, as well as a swoop on 15 additional sites in the City and West End.
It emerged yesterday that the Slug and Lettuce owner was to acquire the cocktail chain for an estimated £50m as it beefs up its estate.
The company confirmed the deal this morning though did not disclose the terms of the transaction.
It also announced that it has picked up an additional 15 sites from Novus Leisure. These include City haunts The Gable, Abbey Bar, and the Forge.
The two acquisitions add 48 sites to Stonegate’s portfolio, taking it to 739 operating venues. The company added that there is scope for expanding the Be At One brand.
The news comes after Stonegate failed in its attempt to buy Revolution Bars last year when shareholders rejected its takeover bid.
Chief executive Simon Longbottom said: “These are both excellent acquisitions for Stonegate which are right in our sweet-spot. Be At One is a business we know well and have admired for some time. This acquisition is a great cultural fit with our existing portfolio and Be At One’s strong association with the delivery of premium cocktails in high street locations, capitalising on the growing trend of premiumisation, further consolidates Stonegate’s leading position in this market segment.”
Read more: Revolution Bars shares slump on warning bad weather had hit trading