The acquisition, which is expected to close this summer, marks the first acquisition of Anand’s new business.
Stonegate confirmed the deal last night (March 30), following reports Earlier in the daythat the sale was imminent.
The disposal of the sites comes after Stonegate agreed with the Competition and Markets Authority (CMA) that it would offload 42 sites as a condition of its takeover of Ei Group in 2019 to assuage competition concerns.
The set includes 30 freehold sites and 12 leasehold sites, and consists of 32 former Ei Group properties and 10 former Stonegate sites.
After completion of the divestiture, the Stonegate estate will comprise 4,630 sites, including 1,290 managed pubs and 3,340 rented and leased pubs.
It has been reported back in Januarythat Anand, who left Greene King in 2018 after leading the pubco for 14 years, had raised £200m from US investment fund Oaktree Capital to invest in the UK pubs industry, betting on the prospects of a post-pandemic recovery for the sector.
Former New World Trading Company CEO Chris Hill runs RedCat Pub Company, with Sharon Badelek, formerly of Novus Leisure, as CFO.
RedCat said its aim is to partner with talented licensees, publicans and entrepreneurs to support the recovery of the pubs industry.