33 pubs across Portsmouth under risk due to £2.5bn of debts by chain owner Stonegate

It means 33 pubs in Portsmouth are among those facing uncertainty, according to the GMB Union. Gary Lindsay, boss of TDR Capital which also owns supermarket giant Asda, told the Business and Trade Select Committee on Tuesday last week he was “confident” £2.6bn 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. 

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."

Pubs potentially impacted in Portsmouth include:

The Rose in June, Rutland Arms, Northcote Hotel, the Painters Arms, The Compass Rose, Lord Chichester, The Churchillian, Sunshine, Leopold Tavern, Trafalgar Arms, Eastfield Hotel, Old Oyster House, Milton Arms, Old House at Home, Thatchers, The Fountain, Jolly Sailor, Lord John Russell, Lawrence Arms, Phoenix, Scarlet Tap, Lord Fitzclarence, Duke of Devonshire, Royal Albert, The Dolphin, Pembroke, The Eldon Arms, Barleymow, Popworld Portsmouth, The Fleet, The Dockyard, The Liquorist, Slug and Lettuce Portsmouth.