Stonegate Pub Company runs 4,500 pubs and bars across the UK, including the Slug and Lettuce and Popworld brands, with more than 19,000 workers and is owned by TDR Capital, headquartered in the Cayman Islands.
It's the UK's biggest pubs and bars group and the parent company of 53 pubs and bars in Bristol. They admitted that there is no guarantee that £2.2 billion of debt will be refinanced as it is yet to agree on new loans to replace debt due for repayment in June 2025.
Furthermore, their annual report for 2023 revealed a decrease in profits compared to 2022 - pre-exceptional operating profit decreased to £293 million from £315 million in 2022, while post-exceptional operating profit decreased to £68 million from £118 million in 2022. Their loss before tax also increased from £130 million in 2022 to £257 million by the end of September 2023.
The company owns 53 pubs and bars in Bristol, 11 of which are in the city centre. Here are the 11 pubs in Bristol City Centre that could be at risk:
- Stag and Hounds, Old Market
- The Bickett Tap
- Popworld- Bristol
- Seamus O’Donnells
- Slug & Lettuce - City Centre Bristol
- Slug & Lettuce - Harbourside Bristol
- Walkabout - Bristol
- Felson’s Bristol
- The White Harte
- The Ship Inn
- Green House
Stonegate said: “Since the refinancing plans haven’t been executed, 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.”
However, David McDowall, CEO of Stonegate, stressed 'venues are not at risk' as a result of the work they are carrying out - including refinancing - to hit their balance sheet goals.
He also said: "We have delivered a rise in revenue and a significant increase in profitability. Our all-around performance exemplifies the strength and depth of the Stonegate estate, with our outstanding Craft Union and L&T divisions continuing to lead the way. Our performance gives me real confidence in the future and excitement in seeing our strategy come to fruition. Notably, our asset optimisation plan which makes sure we have the right pub in the right location, further profit improvement initiatives, and above all our efforts to continue to support the Great British pub.
In January Justin Bowden, Southern Regional Secretary of the GMB union, 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.”
The 11 pubs in Bristol City Centre that could be at risk:
1. Stag and Hounds, Old Market
Stag & Hounds - 74 Old Market Street, Bristol BS2 0EJ Photo: Google
2. The Bickett Tap
The Bickett Tap - 16 Baldwin Street, Bristol BS1 1SE Photo: Google
3. Popworld
Popworld - 16 Baldwin Street, Bristol BS1 1SE Photo: Google
4. Seamus O'Donnells
Seamus O'Donnells - 13 St Nicholas Street, Bristol BS1 1UE Photo: Google