33 much loved Portsmouth pubs in “serious danger” of pulling last pint, union warns - but firm denies claim

More than 750 Stonegate pubs across the south east - including 33 pubs in Portsmouth - could close after the company issued a profit warning, according to the GMB Union. The company owns popular brands such as Slug and Lettuce, Yates and Walkabout.

However, a spokesperson for Stonegate has hit back and called the union’s information as “distorted”. They said pubs are “not at risk of closure” and said there's been a “significant improvement in our profitability”. 

Despite private equity owner TDR’s assurances to a parliamentary select committee in January, the GMB Union has now said Stonegate has admitted there is no guarantee it can continue - as it struggles to refinance a £2.2bn debt mountain.

Stonegate is one of the largest pub companies in the UK, with more than 4,500 pubs and more than 19,000 workers and has 758 pubs across south east. The GMB has written to Lian Myrne 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 the south east are now in serious danger of pulling their last pint. It’s a disgrace.” 

A spokesperson for Stonegate, 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.”

 “TDR Capital has been and continues to be a supportive investor in Stonegate - developing the business over the last fourteen years into the UK’s largest pub company with 4,500 great venues across the country.”

Pubs potentially impacted in Portsmouth include: The Rose in June, Rutland Arms, Northcote Hotel, the Painters Arms, The Compass Rose, Lord Chichester, The Churchillian, Sunshine, Leopold Tavern, Trafalgar Arms, Eastfield Hotel, Old Oyster House, Milton Arms, Old House at Home, Thatchers, The Fountain, Jolly Sailor, Lord John Russell, Lawrence Arms, Phoenix, Scarlet Tap, Lord Fitzclarence, Duke of Devonshire, Royal Albert, The Dolphin, Pembroke, The Eldon Arms, Barleymow, Popworld Portsmouth, The Fleet, The Dockyard, The Liquorist, Slug and Lettuce Portsmouth.