Stonegate Pub Company made a loss before tax of £746m in the full year to 27 September 2020, following the purchase of Ei Group, and as a result of the pandemic.

The company grew to 4,708 venues following the acquisition and had 3,235 leased and tenanted pubs at the year end.

The Cayman Islands-registered group has net assets of £437m, with a net increase in cash £285m, according to accounts filed at Companies House.

Following the acquisition, the company said it “now has access to a wider portfolio of properties and broader template of operating models such that it can realise the greatest value from each site by applying the most suitable retail format and most appropriate operating model”.

Stonegate claimed £62m as part of the job retention scheme, £4m in Eat Out to Help Out and £3m in government grants.

It spent £1m on safety measures such as screens to make its venues covid-secure, and received no fines in any managed sites.

Managed turnover growth was down 38.8% as a result of lockdowns and social distancing, compared to +1.7% in 2019.

The group sad its structure has “changed dramatically, with both a significant increase in size of debt but also in complexity” and is financed by external debt totalling £2.97bn.

During the reporting period the group received a cash injection from owner TDR Capital of £50m, and raised a further £120m in debt markets.

Having refinanced the short-term bridging loan used to fund the Ei Group deal with bonds, Stonegate said that it sought waivers from its bondholders and other covenant changes to reflect the long period of pub closures.

Stonegate recognised impairments of £367m, with goodwill of £102m allocated to Pub patronships (£47m), Craft Union (£15m) Stonegate (£40m).

Commercial properties and joint ventures are not expected to benefit from any synergies, as they trading styles are different from the rest of the busines.