Are you partial to a pint in a Yates pub? Or a cocktail or two at Slug and Lettuce? Well, it’s reported that the national chain which owns this exact brands might be at risk, as it’s parent company, TDR Capital, seeks to refinance 2.5billion pound of debt.
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00:00 It's reported that national chain Stonegate, which includes brands like Slug & Lettuce,
00:04 might be at risk as its parent company, TDR Capital, seeks to refinance £2.5bn of debt.
00:10 As a result of this, 33 pubs across Portsmouth alone are facing uncertainty, according to
00:15 GMB Union. Stonegate is one of the largest pub companies in the UK, with more than 19,000
00:20 workers working at over 4,500 pubs. The company includes popular brands such as Yates and
00:27 Walkabout. Gary Lindsay, boss of TDR Capital, said he was confident that the debts in the
00:32 Stonegate pub company could be refinanced this year. Justin Borden, GMB regional secretary,
00:38 said the position with the Stonegate pub company's finances is lacking in transparency. Borden
00:44 went on to say, "GMB's experience with private equity owners has been, and continues to be,
00:50 wholly negative. We fear for the future of our local supermarkets and pubs in the hands
00:55 of their private equity owners.
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