Specialist property adviser Christie + Co have brokered the sale of 53 pubs previously owned by Tattershall Castle Group (TCG) to Stonegate Pub Company, one of the largest managed pub companies in the United Kingdom for an undisclosed sum. The acquisition brings Stonegate’s number of operating sites to 665.
The sale rounds up a successful few months for the Christie + Co pubs team who have recently sold 146 tenanted pubs to Red Oak Taverns on behalf of the liquidators handling the GRS group of companies, and valued two of the largest pub estates in the UK. In the last 12 months Christie + Co’s pubs team have valued or brokered over £6 billion worth of assets.
TCG is a diversified drink-led pub business with a quality estate of pubs and bars located across the UK. The acquisition consists of 53 pubs including the famous Tattershall Castle flagship floating bar which is moored on the River Thames. Stonegate plan to invest in the majority of the acquisitions and further consolidate their position as a leading high street managed pub operator.
Neil Morgan, Head of Pubs at Christie + Co comments: “We are delighted to have been involved in this major transaction, particularly as TCG is effectively one of the last sizeable Managed House portfolios to be sold. The transaction, and further work of the team over the past year, demonstrates Christie + Co’s credentials in the market and that there is certainly renewed confidence and opportunity within the sector.”
“The sale of TCG further diminishes the availability of managed house stock in the market and with continuing demand for these types of assets it will ultimately lead to a further increase in values. Pub Cos, investors and private equity players will now look to acquire single sites or smaller multiple operators who have significantly increased in numbers over the past five years. Our recent active involvement in both tenanted/leased and managed portfolio transactions provides clear evidence there is confidence in both operating models.”