Pubs across mid and north Wales owned by one of the largest pub companies in the UK are in “serious danger of pulling their last pint”, a union has warned, after the company issued a profit warning as it struggles to refinance more than £2bn in debt.
More than 150 Stonegate pubs across Wales could close, the GMB Union has warned.
Those pubs include the White Horse in Aberystwyth, The Bulls Head in Bala, and The Mitre in Pwllheli.
Stonegate has warned that there is no guarantee that it can continue as a going concern, as it struggles to refinance a £2.2bn debt mountain.
Stonegate Pub Company, which has a network of more than 4,400 UK pubs and bars, said it had not yet agreed new loans to replace debt due for repayment in June 2025.
With no new agreement in place in time for the company’s annual report, Stonegate issued an alert about its financial position.
“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,” Stonegate said.
The report added this meant the group “may be unable to realise their assets and discharge their liabilities in the normal course of business”.
Stonegate is ultimately owned by TDR Capital, a private equity firm that also owns Asda.
In the last financial year the group’s losses nearly doubled from £130m to £257m despite a £100m in rise in revenue to £1.7bn.
The GMB Union, which issued warnings over the company’s growing debt earlier this year, despite private equity owner TDR’s assurances to a parliamentary select committee in January.
Nadine Houghton from GMB 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, dozens of much loved pubs across Wales are in serious danger of pulling their last pint.”
Stonegate’s chief executive, David McDowall said: “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.
“Our performance gives me real confidence in the future and excitement in seeing our strategy come to fruition.”