STONEGATE PUB COMPANY PIKCO HOLDINGS LIMITED
Backed by private equity firm TDR Capital, this holding entity is part of the UK's largest pub operator, running managed, leased, and tenanted venues under brands including Slug & Lettuce, Walkabout, and Be At One.
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Cash
£160M
Latest balance sheet
Net assets
£753M
Equity attributable
Employees
14,227
lowest in 3 filed years
Profit before tax
-£174M
Period ending 2025-09-28
Net assets
3-year trend · vs Consumer Discretionary median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-09-28
| Metric | Trend | 2023-09-24 | 2024-09-29 | 2025-09-28 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £1,719,000,000 | £1,747,000,000 | £1,619,000,000 | — | |
| Operating profit | £68,000,000 | £249,000,000 | £212,000,000 | — | |
| Profit before tax | -£312,000,000 | -£272,000,000 | -£174,000,000 | — | |
| Net profit | -£210,000,000 | -£219,000,000 | -£139,000,000 | — | |
| Cash | £92,000,000 | £171,000,000 | £160,000,000 | — | |
| Total assets less current liabilities | £4,309,000,000 | £4,646,000,000 | — | — | |
| Net assets | £105,000,000 | £771,000,000 | £753,000,000 | — | |
| Equity | £105,000,000 | £771,000,000 | £753,000,000 | — | |
| Average employees | 18,649 | 16,723 | 14,227 | — | |
| Wages | £309,000,000 | £314,000,000 | £295,000,000 | — | |
| Directors' remuneration | — | — | — | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. Year-on-year comparison hidden: this filing covers about 12 months versus 12 months prior. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-09-24 | 2024-09-29 | 2025-09-28 |
|---|---|---|---|---|
| Operating margin | 4.0% | 14.3% | 13.1% | |
| Net margin | -12.2% | -12.5% | -8.6% | |
| Return on capital employed | 1.6% | 5.4% | — | |
| Gearing (liabilities / total assets) | 97.9% | 85.1% | 85.2% | |
| Current ratio | 0.32x | 0.79x | 0.75x | |
| Interest cover | 0.19x | 0.48x | 0.52x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- KPMG LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The financial statements have been prepared on the going concern basis.”
Group structure
- STONEGATE PUB COMPANY PIKCO HOLDINGS LIMITED · parent
- Stonegate Pub Company Pikco Limited 100%
- Stonegate Pub Company Midco Limited 100%
- Stonegate Pub Company Limited 100%
- Stonegate Pub Company Financing Limited 100%
- Stonegate Property Topco Limited 100%
Significant events
- “The Group has disposed of 109 trading sites, 13 pieces of land and completed ten trading site sale and leasebacks for net proceeds of £74 million in the 52 weeks ended 28 September 2025.”
- “Subsequent to the period end on 18 December 2025 the Group sold the entire issued share capital of Mash Inns Limited for £nil.”
- “Also subsequent to the period end on 5 January 2026 the Group purchased the entire issued share capital of Frontier Pubs Limited for consideration of £3.5 million.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
2 active · 1 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| ELGAZZAR, Alhassan Adel | Director | 2022-08-04 | Sep 1985 | British |
| MAGNUS, Brian Jonathan | Director | 2019-07-05 | Apr 1966 | British |
Show 1 resigned officer
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| DALE, Manjit | Director | 2019-07-05 | 2022-08-04 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Tdr Capital Stonegate General Partner Limited | Corporate entity | Shares 50–75%, Voting 50–75%, Appoints directors | 2019-07-05 | Active |
Filing timeline
Last 20 of 22 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-04-10 | AA | accounts | Accounts with accounts type group | |
| 2025-07-15 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-04-22 | AA | accounts | Accounts with accounts type group | |
| 2024-09-19 | SH01 | capital | Capital allotment shares | |
| 2024-07-08 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-03-28 | AA | accounts | Accounts with accounts type group | |
| 2023-07-12 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-03-29 | AA | accounts | Accounts with accounts type group | |
| 2022-08-16 | AP01 | officers | Appoint person director company with name date | |
| 2022-08-16 | TM01 | officers | Termination director company with name termination date | |
| 2022-07-13 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-03-31 | AA | accounts | Accounts with accounts type group | |
| 2021-07-16 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2021-03-12 | AA | accounts | Accounts with accounts type group | |
| 2020-12-04 | AD01 | address | Change registered office address company with date old address new address | |
| 2020-08-15 | SH01 | capital | Capital allotment shares | |
| 2020-07-07 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2020-03-31 | SH01 | capital | Capital allotment shares | |
| 2020-03-27 | AA01 | accounts | Change account reference date company current extended | |
| 2019-07-18 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 2
- Capital events
- 1
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.