Heineken has emerged as the frontrunner to acquire approximately 300 pubs from Stonegate Group in a deal potentially worth £300m, as Britain’s largest pub operator continues exploring options for its property portfolio.

The acquisition would expand Heineken’s Star Pubs estate, currently comprising around 2,350 venues, providing additional routes to market for brands including Birra Moretti, Amstel and Cruzcampo.

Heineken and private equity firm Bain Capital were previously linked to Stonegate’s Platinum portfolio, originally comprising around 1,000 freehold pubs valued at up to £1bn.

The portfolio, now understood to contain approximately 900 properties, was securitised through a £638m loan from Apollo in 2023. Restrictions preventing Stonegate from selling or refinancing the pubs expired in January.

Interest has reportedly been received for both the 300-strong package and the wider portfolio, with other investment firms also linked to the process.

A Stonegate spokesman said: “We continue to look at options for the Platinum portfolio, which could include a refinancing, partial sale or full sale of the Platinum sites. No decisions have been made.”

The potential sale follows a strong first half for Stonegate, which reported adjusted EBITDA of £201m, up £17m, alongside continued progress in transferring managed pubs into its leased and tenanted estate.