Stonegate - comment

Mildly alarming news for the bonds this morning. Stonegate is under regulatory investigation from the Pubs Code Adjudicator over its treatment of tenants (publicans). We have no further details yet, but expect any potential fines to be manageable in the scheme of things. Driver for the bonds is the sale process of pubs from its Platinum estate and the overall positive environment (and prolonged England World Cup campaign) that is filling pubs these days.