333 Pubs Sold To Private Equity

21 Aug 2010

GMB comment on the news that Mitchell & Butler have sold 333 pubs to private equity company TDR Capital.

As a Punch Taverns tenant paying a dry rent over three times what VOA assess as the open market rent for my pub on top of the wet rent I say to staff in these 333 pubs “be afraid –be very afraid” says GMB organiser Hayley Brennan.

GMB, the union for pub tenants, commented today (20/8/10) on the news that Mitchells & Butlers Plc, the U.K. owner of the All Bar One chain, plans to sell 333 pubs for 373 million pounds to Stonegate Pub Company Ltd. The sale of these outlets to Stonegate, the pub company controlled by TDR Capital LLP, will be completed by mid- November. The two founding partners of private equity company TDR Capital are Manjit Dale and Stephen Robertson who were involved in the financial engineering for what is now the Punch Taverns debacle.

Hayley Brennan, GMB Lead Organiser for tied tenants said “Here we go again – up hill and down dale with these two who enriched themselves at the expense of our members in Punch Taverns. Manjit Dale and Stephen Robertson have come back for more pubs for only one reason – to further enrich themselves. As a Punch Taverns tenant paying a dry rent over three times what VOA assess as the open market rent for my pub on top of the wet rent I say to staff in these 333 pubs “be afraid – be very afraid”.”