The 17 Stonegate pubs in Newcastle as GMB Union claims brand faces nationwide closures

The GMB Union has claimed thousands of UK pubs and bars owned by the Stonegate brand are at risk as the comany issues a profit warning.

The union claims Stonegate says there is no guarantee it can continue as a going concern, as it struggles to refinance a £2.2bn 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. 

The chain has 157 pubs across the North East.

Sign up to NewcastleWorld’s newsletters to receive headline round-ups and breaking news alerts

Nadine Houghton, GMB National Officer, said: "TDR bosses are private equity gamblers- playing fast and loose with people’s jobs and lives. 

“When their risky ventures go wrong, they swan off to their next project, leaving workers and communities to pick up the pieces. 

“Now, hundreds of much loved pubs across the North East are in serious danger of pulling their last pint. 

“It’s a disgrace.” 

A spokesperson for Stonegate, said:

“We are 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.

“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 employees and partners that no venues are at risk as a result of this process.”

“TDR Capital has been and continues to be a supportive investor in Stonegate - developing the business over the last fourteen years into the UK’s largest pub company with 4,500 great venues across the country.”