GMB Union has highlighted the potential risk to more than 4.500 Stonegate pubs in the UK, as parent company TDR Capital seeks to refinance £2.5 billion of debt.
Amongst the UK-wide list of pubs owned by Stonegate on a list distributed by GMB Union are 44 in Scotland, including Aberdeen’s Slaine’s Castle and Triplekirks, Edinburgh’s Slug & Lettuce and Glasgow’s The Merchant.
The Union has warned that 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 [9 January] he was ‘confident’ £2.6 billion of debts in the Stonegate Pub Company could be refinanced this year.
However, with current high interest rates, GMB Union is concerned refinancing could lead to crippling payments to service the debt, 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. [See attached for full list of Stonegate pubs]
Justin Bowden, GMB Regional Secretary, said:
“The position with the Stonegate Pub Company’s finances is lacking in transparency, with the ultimate holding company based in the Cayman Islands.
“TDR Capital must be accountable to local people and they have a duty to safeguard 4,500 pubs which are vital community assets.
“GMB’s experience with private equity owners has been, and continues to be, wholly negative.
“We fear for the future of our local supermarkets and pubs in the hands of their private equity owners.”
A Spokesman for Stonegate has also commented:
“We continue to invest in our pubs and our people, in particular supporting local pubs which play such a key role in their communities. Our pub business remains very resilient despite the challenges our industry faces, with good like-for-like sales growth across the group. Following our recent successful financing announced in December as well as strong recent trading, we are well placed to deliver on our longer term objectives and we are very confident in our ability to re-finance at the appropriate time.”
Scottish Stonegate-owned pubs:
| Slains Castle | Belmont Street | Aberdeen |
| The Triplekirks | Schoolhill | Aberdeen |
| Foundry | 41-43 Holburn Street | Aberdeen |
| Murdos | Cairncry Road | Aberdeen |
| The Black Dog | 27 North Donside Road | Aberdeen |
| Bobbin | 500 King Street | Aberdeen |
| Village Inn | Loch Long | Arrochar |
| Tullie Inn | Balloch Road | Balloch |
| Finnegans Wake | 9b Victoria Street | Edinburgh |
| Slug & Lettuce Edinburgh Omni Centre | Unit 8 | Edinburgh |
| Slug & Lettuce Edinburgh George Street | 113-115 George Street | Edinburgh |
| The Chanter | 30-32 Bread Street | Edinburgh |
| The Southsider | 3-7 West Richmond Street | Edinburgh |
| Hanover Tap | 112 Hanover Street | Edinburgh |
| The Amber Rose | 22-26 Castle Street/Rose Street | Edinburgh |
| Nether Inn | 134 Nethergate | Dundee |
| The Braes | 14-18 Perth Road | Dundee |
| The First Edition | 50 Bank Street | Kilmarnock |
| The Station | Station Road | Bearsden |
| New Market Bar | Upper Newmarket Street | Falkirk |
| East Port | 7 East Port | Dunfermline |
| The Exchequer | 60 High Street | Kirkcaldy |
| The Rule | 116 South Street | St Andrews |
| Home | 80 Albion Street | Glasgow |
| Three Judges | 141 Dumbarton Road | Glasgow |
| The James Tassie | 63-65 Kilmarnock Road | Glasgow |
| The Bank | 443 Clarkston Road | Glasgow |
| The Old Smiddy | 131 Old Castle Road | Glasgow |
| The Ark | 42-46 North Frederick Street | Glasgow |
| Hall | 457 Sauchiehall Street | Glasgow |
| Missoula Glasgow | 110-114 West George Street | Glasgow |
| Popworld Glasgow | 110-114 West George Street | Glasgow |
| The Merchant | 134-136 West George Street | Glasgow |
| Felson’s Glasgow | 128 Renfield Street | Glasgow |
| Walkabout Glasgow | 128 Renfield Street | Glasgow |
| The Howgait | 100 St James’ Road | Glasgow |
| Lauders | 16 Church Street | Inverness |
| The Caledonian | 9 High Street | Inverness |
| Sandeman | Sandeman Building | Perth |
| Bull Inn | 7 New Street | Paisley |
| Abbey Inn | Barrhead Road | Paisley |
| Hudsons | 14-16 Cornwall Way | East Kilbride |
| The Ballencrieff | 31-45 Hopetoun Street | Bathgate |
| West Port Hotel | 18-20 West Port | Linlithgow |
