Britain's largest pub company, with 4,000 sites, has put 23 locations up for sale. Stonegate Group, which owns the Slug & Lettuce, Be at One and Craft Union brands, has been working with restructuring specialists at AlixPartners over recent months.
The company is expected to slash 150 jobs across its head office and central functions, according to The Telegraph. It is understood no decision has yet been made on the exact number of roles under threat. Jobs in its pubs and bars will not be affected and no pubs will close as a result of the restructuring.
Pubs in Plymouth, York and Loughborough are just three of the pubs earmarked for closure.
All pubs put up for sale with Savills continue to operate as normal and remain under the Stonegate brand. These sites can be sold individually or as part of smaller packages.
Savills, which says it has been instructed to market 23 free-of-tie public house investments across England, notes that the properties are all let on long leases.
Stuart Stares, Director in Savills licensed leisure, says: "Pubs are proving to be a resilient and increasingly attractive asset class, driven by the sector's strong fundamentals - long leases, index-linked rent reviews and resilient trading performance.
"Investor confidence is being buoyed by improving trading performance, significant reinvestment by operators and a more favourable economic outlook - including falling interest rates and steady consumer demand.
"As a result, we're seeing renewed appetite for well-let pub assets, particularly those with long-term growth potential."
The 23 Stonegate Group pubs up for sale
- Admiral Macbride, Plymouth
- Coventry Arms, Corfe Mullen
- Crown & Anchor, Bromley
- Crown & Stirrup, Lyndhurst
- Dartmouth Arms, Forest Hill
- Dog & Duck, Walthamstow
- Fagins, Brookthorpe
- Feathers, Chalfont St Giles
- Frankland Arms, Washington
- Garden Bar, Hove
- Golden Ball, York
- Harbour Moon, West Looe
- Letters Inn, Tattenhall
- Malthouse, Timsbury
- Milehouse, Cross Heath
- Moorings, Loughborough
- Pax Inn, Thorp Arch
- Romantica, Sutton Coldfield
- Salthouse Hotel, Clevedon
- Seven Stars, Canterbury
- Star, Hampton Hill
- Wickham Arms, Brockley
- Windmill, Peterborough
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