Premium Club Opinion provides weekly insights from industry leaders. In this current edition, Propel’s chief operating officer – editorial, Mark Wingett, talks to Stonegate chief executive David McDowall about a pivotal year for the business. Stonegate’s marked a strategic shift from managed pubs to a partnership-led, leased and tenanted model. Results show stronger culture, 7.5% EBITDA growth, rising profits across sites, and momentum driven by Craft Union, with restructuring, conversions, and portfolio optimisation planned future. Meanwhile, Flo Graham-Dixon, founder of sector advisory business Juniper Strategy, explores what the Iran conflict means for UK operators looking to launch in the Middle East. War in Iran is driving higher energy, supply, and borrowing costs for UK hospitality. Middle East expansion, especially UAE, faces delays amid uncertainty. Yet long-term fundamentals remain strong; tourism is resilient, and operators with capital may find opportunities as markets stabilise and recovery follows disruption. Also, Geof Collyer, founder of Lavender Bank Partners, delves into the downfall of BrewDog. The company collapsed with a £33m sale, far below valuations up to £191m, leaving a £451.6m shortfall. Secured creditors like HSBC and HM Revenue & Customs recover most funds, while unsecured creditors, investors, and shareholders receive almost nothing. Lastly, Propel’s editorial advisor, Katherine Doggrell, looks at the role of cool in capitalism. She argues “cool” is misleading in business: it attracts talent and investors but masks weak fundamentals. BrewDog exemplifies this, using branding and hype to build appeal, yet ultimately leaving investors and stakeholders exposed when reality caught up with image.