Earlier this year, the GMB Union raised concerns regarding the future of a number of pubs owned by Stonegate, including the Burlington in Chesterfield and Belper's Green House, following parent company TDR Capital's plans to refinance £2.6bn of debt.
Gary Lindsay, boss of TDR Capital – which also owns supermarket giant Asda – told the Business and Trade Select Committee in January that he was ‘confident’ that these debts in the Stonegate Pub Company could be refinanced this year. However, with current high interest rates, GMB Union said it was worried that refinancing could lead to crippling payments to service the debt.
David McDowall, CEO of Stonegate, said today that the business had performed strongly throughout 2023, reassuring both staff and customers that the company’s pubs were not at risk.
He said: “I am really pleased with the performance of the business in 2023, which included a sector-leading Christmas trading period. We have delivered a rise in revenue and a significant increase in profitability. Our all-round performance exemplifies the strength and depth of the Stonegate estate, with our outstanding Craft Union and L&T divisions continuing to lead the way.
“This is testament to the hard work of our people and partners, but also to the success of our on-going initiatives to increase profitability across our portfolio of brands and venue formats.”
Mr McDowall added that upcoming sports events, including UEFA Euro 2024, would help Stonegate to continue this upward trajectory.
He said: “Our performance gives me real confidence in the future and excitement in seeing our strategy come to fruition. Notably our asset optimisation plan which makes sure we have the right pub in the right location, further profit improvement initiatives, and above all our efforts to continue to support the Great British pub. With a summer of sport on the horizon, and the Euro’s and T20 World Cup fast approaching, we are looking forward to building on this momentum in the months ahead.
“We have been very clear that we continue to work towards achieving our long-term balance sheet goals, with the successful refinancing of a portion of our estate in December marking a significant strategic step towards this. We would also like to assure our valued employees and partners that venues are not at risk as a result of this process.”
The full list of pubs across Chesterfield, Derbyshire and the Peak District that GMB raised concerns over can be found below.
1. ‘At risk’ pubs
GMB has warned that a number of pubs in Chesterfield and Derbyshire could be ‘at risk.’ Photo: Brian Eyre/Jason Chadwick
4. The Britannia, Old Hall Road, Brampton
The Britannia, Old Hall Road, Brampton. Photo: Google