HUNDREDS of much loved pubs across East of England in serious danger of pulling their last pint, claims GMB Union
Almost 300 Stonegate pubs across the East of England could close after the company issued a profit warning.[
As GMB predicted earlier this year – and despite private equity owner TDR’s assurances to a parliamentary select committee in January [2] – Stonegate says there is no guarantee it can continue as a going concern, as it struggles to refinance a £2.2bn debt mountain.
Stonegate is one of the largest pub companies in the UK, with more than 4,500 pubs and more than 19,000 workers, including brands like Slug and Lettuce, Yates and Walkabout.
The chain has 293 pubs across the East of England.
GMB has written to Lian Byrne MP, chair of the Business and Trade Select Committee, asking him to recall TDR bosses in light of the profit warning [4]
Nadine Houghton, GMB National Officer, said:
“TDR bosses are private equity gamblers- playing fast and loose with people’s jobs and lives.
“When their risky ventures go wrong, they swan off to their next project, leaving workers and communities to pick up the pieces.
“Now, hundreds of much loved pubs across the East of England are now in serious danger of pulling their last pint.
“It’s a disgrace.”
A spokesperson for Stonegate, said:
“We are really pleased with the performance of the business in 2023, which included a sector-leading Christmas trading period. We have delivered a rise in revenue and a significant increase in profitability. We have been very clear that we continue to work towards achieving our long-term balance sheet goals, with the successful refinancing of a portion of our estate in December marking a significant strategic step towards this. We would also like to assure our employees and partners that no venues are at risk as a result of this process.”
“TDR Capital has been and continues to be a supportive investor in Stonegate – developing the business over the last fourteen years into the UK’s largest pub company with 4,500 great venues across the country.”
