Over 40 pubs across Scotland could be at risk of closure, a union has warned.
Venues owned by pub chain Stonegate, which includes brands like Slug and Lettuce, Yates and Walkabout, could face an uncertain future as private equity parent company TDR Capital seeks to refinance £2.6 billion of debt, GMB Union said.
Gary Lindsay, boss of TDR Capital - which also owns supermarket giant Asda - told the Business and Trade Select Committee this week that he was ‘confident’ Stonegate Pub Company's debts could be refinanced this year.
However, with current high interest rates, GMB Union has raised concerns that 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 employing more than 19,000 staff.
READ MORE: UK's largest pub group to charge 20p more for a pint during busy times
The company operates 44 pubs in Scotland, including The Three Judges in Glasgow, Slains Castle in Aberdeen, The Braes in Dundee, Finnegan's Wake in Edinburgh and The Rule in St Andrews.
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."
Addressing the claims, a Stonegate Pub Company spokesperson said: "We continue to invest in our pubs and our people, in particular supporting local pubs which play such a key role in their communities.
"Our pub business remains very resilient despite the challenges our industry faces, with good like-for-like sales growth across the group.
"Following our recent successful financing announced in December as well as strong recent trading, we are well placed to deliver on our longer term objectives and we are very confident in our ability to re-finance at the appropriate time.”
The Stonegate pubs at risk in your area
Aberdeenshire: Slains Castle / The Triplekirks / Foundry / Murdos / The Black Dog / Bobbin
Argyll: Village Inn / Tullie Inn
City of Edinburgh: Finnegans Wake / Slug & Lettuce Edinburgh Omni Centre / Slug & Lettuce Edinburgh George Street / The Chanter / The Southsider / Hanover Tap / The Amber Rose
Dundee: Nether Inn / The Braes
Kilmarnock: The First Edition
East Dunbartonshire: The Station
Falkirk: New Market Bar
Fife: East Port / The Exchequer / The Rule
Glasgow: Home / Three Judges / The James Tassie / The Bank / The Old Smiddy / The Ark / Hall / Missoula Glasgow / Popworld Glasgow / The Merchant / Felson's Glasgow / Walkabout Glasgow / The Howgait
Highland (both Inverness): Lauders / The Caledonian
Perth and Kinross: Sandeman
Renfrewshire (both Paisley): Bull Inn / Abbey Inn
South Lanarkshire: Hudsons
West Lothian: The Ballencrieff / West Port Hotel
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