Major UK Bar Chain Announces Immediate Closure and Multiple Sales
The Slug & Lettuce, a prominent UK bar chain operating 77 locations, has confirmed the permanent closure of its Bournemouth town centre branch this Friday, February 27. This shutdown is part of a broader restructuring effort, with 21 additional pubs across England currently listed for sale by the chain's owner, Stonegate Group.
Farewell to a Beloved Seaside Venue
A spokesperson for Slug & Lettuce expressed regret over the Bournemouth closure, stating: “Sadly, we’re saying goodbye to our beloved Slug & Lettuce Bournemouth on 27th February. We’ve had the best time serving up your favourite sips and tasty dishes, enjoying bottomless brunches and celebrating unforgettable moments together. Thank you for being such a special part of our journey.” The branch, described as an outstanding seaside location, will cease operations after years of service.
Ongoing Restructuring and Previous Closures
This latest closure follows a series of other branch shutdowns as part of Stonegate Group's strategic restructuring. The Slug & Lettuce venues in Westcliff-On-Sea and Brentwood closed in December and August respectively, indicating a pattern of consolidation within the chain's portfolio.
Simultaneously, estate agent Savills has been instructed to market 22 pubs across England for sale. Stonegate Group, which also owns the Be At One brand, is exploring significant changes to its extensive portfolio of 4,300 venues.
Potential Large-Scale Sale of Platinum Pubs
Reports from The Times suggest that Stonegate is considering the sale of up to 1,034 of its platinum pubs, with an estimated collective value reaching £1 billion. This potential divestment could represent almost a quarter of the group's total sites. Stonegate reported a turnover exceeding £1.7 billion last year but carries debts of over £3 billion.
A Stonegate spokesperson clarified the situation: “We are looking at options for the Platinum portfolio, of circa 1,000 Leased and Tenanted pubs, which could include a refinancing, partial sale, or full sale of the Platinum sites but as we explained to our bondholders, no decisions have been made. We are continuing to make good progress on our transformation strategy.”
The combination of immediate closures and potential large-scale sales highlights the challenging landscape for UK hospitality chains, as they navigate financial pressures and evolving market demands.
