Stonegate buys Walkabout owner Intertain

Stonegate Pub Company has bought Intertain, the owner of the Walkabout chain of bars, from Better Capital for an undisclosed sum.

Intertain runs 30 drinks-led bar sites, focusing on the high street and sport-led entertainment.

The deal sees Stonegate swell to 692 venues in total, following a string of acquisitions over the past couple of years, including the purchase of 78 sites from Bramwell in 2014 and 52 sites Tattershall Castle Group in 2015.

Intertain underwent a creditors' voluntary arrangement (CVA) in early 2015 and surrendered unprofitable leases. Stonegate said it would invest in many of the 30 sites it is acquiring over the next three years.

Simon Longbottom, chief executive of Stonegate, said: "We are delighted to be acquiring Intertain which is a business we know well and which we have hand-picked for its complementary fit with our existing portfolio. This is another great acquisition for Stonegate and is being acquired at an attractive multiple of c.5.0x pro forma EBITDA, taking into account anticipated synergies."

John Leslie, CEO of Intertain, said: "I couldn't wish for a better home for Intertain than within Stonegate. Simon and the team are excellent operators, know the business well and will continue to invest, enabling both the business and the talented people within it to realise their full potential. It is a great cultural fit with Stonegate's growing portfolio and I look forward to seeing the business go from strength to strength."

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