Stonegate FY revenues fall 7.4% amid switch to partnership model

Stonegate Pub Group has reported a 7.4% fall in total revenues, from £1.75bn to £1.62bn, for the 52-week period ended 28 September 2025, as the company shifted its focus and investment toward transforming its business into a partnership-led portfolio. 

The group, which remains the largest pub-owning business in the UK, ended the period with 4,259 operating sites – spelling a reduction from 4,370 sites in 2024. 

According to Stonegate’s filing at Companies House, this led to its losses before tax narrowing to £174m compared with a loss of £214m in the prior year. The group also reported a post-exceptional operating profit of £212m. 

However, the managed estate’s revenues fell to £828m from £974m as Stonegate moved sites to alternative models. The group has noted that operating costs – including labour – heavily impacted managed site profitability. 

The operator-led segment, which includes the Craft Union brand, grew to £354m. Leased and tenanted pubs contributed £437m to the group’s total revenues.

Stonegate disposed of 109 trading sites and 13 pieces of land during the year. These disposals, along with 10 sale and leaseback deals, generated £74m.

Capital expenditure for the period reached £135m, and focused on expansion, site conversions, and maintenance across the diversified UK property estate.

Stonegate, which is backed by private equity firm TDR Capital, also confirmed the focus for 2026 remains on furthering its transformation into a partnership-led portfolio. 

In its filing at Companies House, Stonegate directors stated: “Our transformation is about positioning every pub for long-term success, and with the capability and infrastructure to operate pubs in varying different models, we can move pubs between business segments at pace.”