A total 20 Isle of Wight Stonegate pubs —and more than 650 across the South East, Dorset and Wiltshire — could be at risk as private equity parent company TDR capital seeks to refinance £2.6 billion of debt.
Gary Lindsay, boss of TDR Capital which also owns supermarket giant Asda, told the Business and Trade Select Committee on Tuesday [9 January] he was ‘confident’ £2.6 billion of debts in the Stonegate Pub Company could be refinanced this year.
However, with current high interest rates, GMB Union is concerned 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, Yates and Walkabout.
The following Island pubs are part of Stonegate:
- White Hart Inn, Havenstreet
- Fleming Arms, Ryde
- Vine Inn, St Helens
- Sun Inn, Calbourne
- White Lion, Arreton
- Pier View Hotel, Cowes
- Anchor Inn, Cowes
- Red Lion, Freshwater
- Slug & Lettuce, Newport
- Hogshead, Newport
- Castle Inn, Newport
- Wheatsheaf Hotel, Newport
- Fever, Newport
- The King Lud, Ryde
- Horse & Groom, Ningwood
- New Inn, Shalfleet
- Wheatsheaf Inn, Yarmouth
- Falcon Hotel, Shanklin
- Woodmans Arms
- The Griffin, Godshill
Huge interest payments on TDR Capital’s debts have already resulted in cost pressures at Asda, reportedly resulting in cuts in hours for staff.
Justin Bowden, GMB Southern 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 the 650 local pubs which are vital community assets.
“We fear for the future of our local supermarkets and pubs in the hands of their private equity owners."
We have contacted Stonegate for a response.
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