Iconic Nottingham pubs including Pit & Pendulum at risk after parent company reveals £2.5bn debt
Stonegate Group runs 4,500 pubs across the UK, including dozens here in Nottingham
Dozens of Nottingham pubs could be at risk of closure after the parent company of Stonegate Group revealed a £2.5 billion black hole.
TDR Capital boss Gary Lindsay told the Business and Trade Select Committee last Tuesday (January 9) that he was ‘confident’ £2.6 billion of debts in the Stonegate Pub Company could be refinanced this year.
However, the GMB union has expressed concern about the viability of Mr Lindsay’s claim due to “current high-interest rates”.
Read more: Food and drink news
The union says that 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 and Popworld.
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, bars and clubs potentially impacted in Nottingham are as follows:
Popworld Nottingham
Huddl
Slug and Lettuce Nottingham Market Square
Be at One Nottingham
Pit & Pendulum, Victoria Street
The Loxley, Pelham Road, Victoria/Street
Faradays, Victoria Street and Pelham Street
The Thurland Hall, Thurland Street
Little Langtry’s, South Sherwood Street
Slug and Lettuce Cornerhouse Nottingham
Horn in Hand, Goldsmith Street
The Sherwood, Mansfield Road
Willow Tree, Rufford Way
The Jesse Boot, High Road
The Jolly Anglers, Meadow Road
Greyhound Inn, Nottingham Road
The Oxford, Highbury Road
The Royal Oak, Main Road
The White Lion, Derby Road
The Blue Bell, High Street
The King’s Head, Market Place, Ilkeston