Stonegate losses narrow to £130m post-pandemic
Moreover the group acquired the remaining 25% of shares in Hippo Inns Limited in January, a joint venture which comprises 12 London pubs, for £1.8 million
Stonegate pub company has seen its pre-tax losses narrow to £130m for the year ended 25 September 2022, compared with a loss of £233m in 2021.
The business, which owns Be At One and Slug & Lettuce brands, also posted revenues of £1.61bn, compared with £707m in 2021.
Furthermore it posted EBITDA of £465m compared with the £151m it posted last year.
During the financial period, Stonegate sold 63 pubs, mostly from its leased and tenanted division, raising £46m and taking its portfolio to 4,516 sites.
Earlier this year it was reported that Stonegate was looking to sell around 1000 of its sites in a bid to raise around £800m, attempting to convert these sites into leased and tenanted properties.
Moreover the group acquired the remaining 25% of shares in Hippo Inns Limited in January, a joint venture which comprises 12 London pubs, for £1.8m.
The company said in a statement: “The Great British Pub continues to survive and thrive due to the British public’s fundamental need for social interaction and even though during the pandemic, pubs, bars and clubs were mandatorily closed, the performance of the business post re-opening has shown the British pub, bar and club is at the heart of the British community and culture.
“At Stonegate, we have a clear vision to raise the bar on the British Pub by being the best for our people, customers and communities. Despite all the challenges of the last two years and the current economic outlook we are in a strong position across our different operating models and formats to deliver on our vision.”
