The owner of Be At One and Slug & Lettuce revealed that the package includes new agreements with bondholders and a £250 million shareholder contribution from private equity firm TDR Capital.
“We have always said we would achieve the right outcome on our refinancing requirements, and I am delighted we can now move forward with confidence and certainty, having achieved our balance sheet goals,” said chief executive of Stonegate Group, David McDowall.
“The new agreement enables us to really focus on driving performance across all our divisions and delivering on our strategy which is now having a material impact on our overall profitability. I am pleased that we now have certainty to truly focus on what we do best, which is bringing people together through our passion for great pubs, bars and venues.”
The refinancing package follows the announcement in December 2023 of the financing of a portfolio of over 1000 pubs.
Since the announcement, in the first half to 7 April 2024, Stonegate reported an 8% rise in adjusted EBITDA to £196 million.
