Stonegate have reassured customers after GMB Union claimed that two pubs in Welwyn Garden City are at risk of closure.
They said that more than 4,500 pubs run by Stonegate across the UK are "in serious danger of pulling their last pint" after parent company TDR Capital announced that it is seeking to refinance more than £2 billion of debt.
Stonegate pubs include The Two Willows and The Hollybush in Welwyn Garden City.
A spokesperson for Stonegate denied 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".
However, earlier this month Stonegate admitted that there is no guarantee it will be able to refinance its debt, stating: "There is an indication that a material uncertainty exists that may cast significant doubt on the company and group's ability to continue as a going concern".
READ MORE
- Ukrainian Saturday School creates giant Pysanka egg to celebrate Easter
- Welwyn Garden City slimmer to run London Marathon in memory of daughter
Gary Lindsay, the boss of TDR Capital, which also runs Asda and is headquartered in the Cayman Islands, told the Business and Trade Select Committee he was "confident" that a refinancing of the debt could be agreed this year.
GMB say they have written to Liam Byrne MP, chair of the Business and Trade Select Committee, asking him to recall TDR bosses.
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 are in serious danger of pulling their last pint. It’s a disgrace.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here