76 pubs and bars across Merseyside 'at risk' as chain Stonegate faces £2.6bn debt

More than 70 pubs and bars across Merseyside could be 'at risk', as the parent company of chain Stonegate Pubs seeks to refinance debts worth £2.6bn.

Stonegate is one of the UK's largest pub companies and it has more than 4,500 venues across the country. Its brands include Slug & Lettuce, Yates and Walkabout.

In Merseyside, its venues include Georgian Quarter pub Peter Kavanagh's, The Brookhouse on Smithdown Road, Popworld on Hanover Street, Flares on Mathew Street and The Royal Oak, near Goodison Park.

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GMB Union has raised concerns about these pubs, saying that they are at risk due to the £2.6bn debt accrued by Stonegate's parent company TDR Capital. Earlier this month, the union said that high interest rates could lead to what it called "crippling payments to service the debt".

The union says that interest payments on TDR Capital’s debts have already resulted in cost pressures at Asda, which is part of TDR's portfolio.

Justin Bowden, GMB 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 4,500 pubs which are vital community assets.

“GMB’s experience with private equity owners has been, and continues to be, wholly negative. We fear for the future of our local supermarkets and pubs in the hands of their private equity owners."

However, Gary Lindsay, boss of TDR Capital, told the Business and Trade Select Committee this month that he was "confident" £2.6