Overview
- Stonegate said it is evaluating refinancing, a partial sale or a full sale of the Platinum portfolio and that no decisions have been made.
- The pubs are securitised against a £638m Apollo loan, and the end of the non‑call period would allow sales or refinancing to proceed.
- The package, valued by industry sources at up to £1bn, comprises 1,034 freehold leased and tenanted sites across England and Wales generating about £90m of EBITDA.
- The group carries more than £3bn of debt, booked £455m of finance costs and a £214m loss in 2024, and was downgraded by Fitch to CCC+ excluding the securitised assets.
- After an unsuccessful attempt to sell a similar number of pubs in 2023, executives are considering selling in tranches, while a transformation plan under CEO David McDowall shifts sites to tenanted models that add roughly £110,000 profit per pub.