More than 4,500 pubs including ones across region at risk as owner seeks to refinance
A union is warning that more than 4,500 Stonegate pubs could be at risk as parent company TDR Capital seeks to refinance £2.5 billion of debt.
The GMB claims Stonegate Pub Company’s finances lack transparency, with the ultimate holding company based in the Cayman Islands.
Gary Lindsay, boss of TDR Capital which also owns supermarket giant Asda, told the Business and Trade Select Committee on Tuesday that he was "confident" £2.6 billion of debts in the Stonegate Pub Company could be refinanced this year.
With current high interest rates, the union is concerned refinancing could lead to crippling payments to service the debt.
Solihull-based 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. It has pubs across the Black Country, Shropshire, Staffordshire and Worcestershire.
