Stonegate buys Intertain: Private equity firm Better Capital has exchanged contracts on the disposal of its interests in Walkabout operator Intertain to Stonegate Pub Company at an enterprise value of £39.5m. Formal completion is unconditional and is anticipated to happen tomorrow. Better Capital’s 2012 Fund invested in the business in November 2014, and has successfully restructured and invested in the business, returning it to a profitable and cash generative group. Stonegate is one of the UK’s largest managed pub companies, with 662 sites nationwide. Better Capital stated: “The sale of Intertain is expected to realise net proceeds to the 2012 Fund of £33.7 million at completion, with the remaining proceeds deferred pending the resolution of certain legacy matters. Overall estimated net proceeds from the transaction will be a little below the valuation published in the 2016 Interim Report of £38.0 million. The 2012 Fund GP Company has informed the Board that it anticipates returning the bulk of the immediate cash proceeds to the 2012 Cell. The board intends thereafter to distribute £34.0m from the 2012 Cell to the 2012 Shareholders as soon as practicable. This distribution will amount to 9.8 pence per share at the current level of issued share capital, or 10.7 pence per share following the share buy-back and cancellation as proposed in the circular issued by the company on 25 November 2016 if this is approved. The company wishes Intertain’s ongoing team and new shareholders success in the business’s next phase.” Intertain underwent a CVA in early 2015 and surrendered unprofitable leases. Stonegate plans to invest in many of the 30 Intertain sites being acquired over the next three years. Following the acquisition, Stonegate will comprise 692 operating venues, further consolidating the Group’s position as a leading high street, managed pub operator in the UK. The acquisition is due to complete on 7 December 2016. 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. Our track record of integrating, investing in and ultimately maximising value from drinks-led, town and city centre sites is unparalleled as we continue to exploit this market opportunity. Intertain’s strong association with sport in high street locations is synonymous with Stonegate’s prowess in this market segment and further consolidates our position as the leading provider of sports-led entertainment in the high street pub and bar market. We look forward to welcoming the employees of Intertain into the enlarged group and working with them to drive the ongoing success of the business as we continue to progress our dual growth strategy of inward investment in our existing estate and expansion via selective acquisition.” John Leslie, chief executive 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.”

ETM Group hires new marketing director: Bar, restaurant and pub company ETM Group has appointed Sam Bourke as its new marketing director as it continues to strengthen its senior team. Bourke will start with the group on 19 December and be responsible for driving concept innovation to support ETM’s accelerated expansion plans. The role will see her create and implement a marketing strategy that drives awareness, secures market position and increases sales across the 12-strong group. She will also ensure there is an engaging customer experience through innovative marketing strategies, campaigns and loyalty programmes. ETM Group founder Tom Martin said: “Sam will be instrumental in driving the business forward across a number of functions including marketing, digital and new business development. Her strong background in retail, loyalty and hospitality brings additional skills to the management team. Our ethos is to always put the customer first and Sam’s experience in consumer engagement will be invaluable in reinforcing this and developing it further.” Sam Bourke said: “I’m thrilled to be working with ETM as it enters its next phase of growth. The group is highly respected in the hospitality sector and has a great culture and reputation for forward-thinking. I look forward to helping ETM innovate further and being part of its continued success.” Bourke joins ETM Group from The Restaurant Group where, as marketing director, she spent two years cultivating award-winning digital innovation, data strategy and CRM. Her marketing career also spans loyalty and retail. As senior customer marketing manager for Nectar UK, she was responsible for collaborating with major high street retailers to successfully relaunch Nectar Rewards. Retail experience includes driving the marketing and PR for Bluewater and O’Briens, Ireland’s largest premium wine retailer. The ETM portfolio includes the recently opened Aviary, ETM’s first ever rooftop bar and restaurant and Burdock, both located in Montcalm Royal London House on the City’s Finsbury Square. Early 2017 will see the launch of Greenwood, an 11,000 square foot pub and restaurant in the Nova development in Victoria.