A new pub group led by ex-Greene King chief executive Rooney Anand has snapped up 42 pubs formerly owned by Stonegate Group.
RedCat Pub Company, which is backed by £200m of investment from Los Angeles-based Oaktree Capital Management, picked up the sites after Stonegate was forced to sell them due to competition concerns when it acquired Ei Group.
The package comprises 30 freehold and 12 leasehold sites and consists of 32 former Ei Group-owned properties and 10 former Stonegate sites.
Mr Anand previously revealed that he was looking to purchase pub sites in the south and east of the UK. The majority of the venues it will acquire are based in these regions, with the exception of a handful located in the north west, Yorkshire and Wales.
“I’ve always been a strong believer in the great British pub. It has survived the Blitz, the Great Plague and the Credit Crunch – always bouncing back and taking its rightful place at the heart of the community,” he said.
“We want to partner with talented licensees and entrepreneurs to give them the support, capital and help they need to thrive.”
Terms of the agreement have not been disclosed. It is expected to complete in the summer.
Following the disposal, Stonegate Group will comprise 4,630 venues – consisting of 1,290 managed and 3,340 leased and tenanted pubs.
Approximately 45% of its managed pubs will open on 12 April, with the remaining managed sites reopening throughout May and June as restrictions ease.
It is anticipated that approximately 60% leased and tenanted sites are also planning to reopen 12 April.