Thousands of Stonegate pubs could be at risk as parent company TDR Capital seeks to refinance £2.5 billion of debt, the GBM union has warned.

Stonegate is one of the largest pub companies in the UK, with more than 4,500 pubs and 19,000 workers, including brands like Slug and Lettuce, Yates and Walkabout.

Boss Gary Lindsay 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.

GMB Union, however, is concerned refinancing could lead to crippling payments to service the debt.

Which Stonegate pubs in Cumbria are at risk?

Nothing has been confirmed thus far in regards to Stonegate pubs closing down.

However, multiple pubs owned by Stonegate across the county could be at risk in the future according to GMB Union.

Looking at the Stonegate Group website, there are currently 13 pubs in Cumbria.

  1. Felson's - Carlisle
  2. Walkabout - Carlisle 
  3. The Nags Head Hotel - Brampton
  4. The Royal - Penrith
  5. Fletcher Christian - Cockermouth
  6. The Sun Inn - Windermere
  7. The Shipwrights Arms - Whitehaven 
  8. Queens - Windermere
  9. George And Dragon - Kendal 
  10. Horse & Rainbow - Kendal
  11. Snooty Fox - Kirkby Lonsdale
  12. The Wellington - Dalton
  13. The Tally Ho - Barrow

"We continue to invest in our pubs"

A statement from Stonegate representatives said: "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.”

“They have refused to explain to GMB gaps in the company’s accounts"

Justin Bowden, GMB Southern Regional Secretary, said: "The problems we are experiencing with private equity-owned Asda at Gosport are not confined to just that store.

“We have experienced similar problems across the stores in the south of England.

“These problems are exacerbated by the fact that GMB, as the union for Asda staff, has never met the hands-on private equity owners since they took over the business.

“They boast that they are hard on shareholders, but they keep well away from the results of their hands-on initiatives.

“They have refused to explain to GMB gaps in the company’s accounts - saying that the 18 companies in their opaque structure are not GMB business.

“Quite simply, this is not good enough and not acceptable"

“The position with the Stonegate Pub Company’s finances is equally 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 the 650 local 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.

“We are far from reassured that our members and our communities will not be ripped off as the CMA found happened with the ASDA petrol stations. "