SEVEN pubs in Andover could be in 'serious danger' of closure after their owner Stonegate issued a profit warning.
A union has warned that hundreds of pubs across the South East could be at risk as pub company Stonegate after it said there was no guarantee it could continue as it struggles to refinance a £2.2bn debt.
The chain owns more than 4,500 pubs in the UK, including Slug and Lettuce, Yates, Walkabout, and local establishments such as The Lardicake and The Malt House.
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The firm is based in the Cayman Islands and is owned by private equity firm TDR Capital, which also owns brands including Asda.
Nadine Houghton of the GMB union, 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 South East are now in serious danger of pulling their last pint. It’s a disgrace.”
However, Stonegate has sought to reassure customers.
A spokesperson for Stonegate has dismissed the claims, saying that they are "really pleased with the performance of the business in 2023", with "a rise in revenue and a significant increase in profitability".
They said that "no venues are at risk as a result of this [refinancing] process".
The spokesperson 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.”
They added: “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.”
Andover pubs at risk of closure - full list:
- Royal Oak, Goodworth Clatford
- Crook and Shears, Upper Clatford
- Malt House, Weyhill Road
- White Hart, Penton Mewsey
- The Lardicake, Adelaide Road
- Queen Charlotte Inn, London Road
- Redbridge, Bridge Street
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