Stonegate denies claim that 447 London bars could close

The GMB union claims Stonegate says there is no guarantee it can continue as a going concern, as it struggles to refinance £2.2 billion of debt.

This follows private equity owner TDR’s assurances to a parliamentary select committee over the pub operator's future in January.

Despite this, Stonegate said that “no venues are at risk” at this time.

Nevertheless, the GMB claims that 447 London pubs owned by the operator – and a total of 4,500 in the UK – could shut.

Similar claims were made earlier this year, and at the time Stonegate denied this would be the case.

But the union has now written to Lian Byrne MP, chair of the Business and Trade Select Committee, asking him to recall TDR bosses in light of the profit warning.

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 across London are in serious danger of pulling their last pint.

“It’s a disgrace.”

What has Stonegate said?

Among its hundreds of pubs in London, Stonegate runs popular chains such as Be at One and Slug and Lettuce.

A spokesperson said: “We are really pleased with the performance of the business in 2023, which included a sector-leading Christmas trading period.

“We have delivered a rise in revenue and a significant increase in profitability. 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.

“We would also like to assure our employees and partners that no venues are at risk as a result of this process.”

Where are London's Stonegate pubs?

Here is a breakdown of all the pubs and bars that the GMB Union claims are at risk: