Heineken and Stonegate have remained tight-lipped over a report the Dutch brewer could be set to buy hundreds from pubs from the UK group.
The Sunday Times yesterday (20 September) reported Heineken - the owner of the Star Pubs business in the UK - was in talks to acquire 300 pubs from Stonegate.
Approached by Just Drinks, a Heineken spokesperson declined to comment.
Stonegate, one of the UK’s largest pub groups, said it is continuing to assess options for a portfolio of outlets it describes as "Platinum" pubs.
A spokesperson for Stonegate said: “As we have previously said, we continue to look at options for the Platinum portfolio, which could include a refinancing, partial sale, or full sale of the Platinum sites.
“No decisions have been made. We are continuing to make good progress on our transformation strategy, with profits up 9% to a record £201m in the first half of the year.”
In the UK, Heineken has around 2,350 pubs, most of them leased to independent operators.
In accounts for the 52 weeks ended 28 September 2025, Stonegate said it had 4,259 operating sites at by the end of that financial year, down from 4,370 a year earlier.
Its estate included 2,724 leased and tenanted pubs, 544 managed sites, 653 Craft Union pubs, 303 commercial properties and 35 managed investment pubs.
The filing said Stonegate was reshaping its estate as part of a transformation strategy focused on becoming a more “partnership-led” pub company.
Revenue fell 7.4% to £1.62bn on the prior year, while adjusted EBITDA declined 5.6% to £372m. Operating profit was £212m, down 14.9% from a year earlier.
Stonegate said in the accounts that “rising operating costs, including labour”, had put more pressure on the managed division than on its leased-and-tenanted and Craft Union businesses.
The group also said non-current borrowings stood at £3.81bn at the end of the year.
In July 2024, Stonegate secured a refinancing package that included a £250m shareholder contribution from funds managed by owner TDR Capital.
Shore Capital travel and leisure equity research analyst Greg Johnson said today Stonegate is exploring options for the Platinum portfolio and expects to complete over £100m of group-wide disposals this year.
