Stonegate Pub Company, which has a network of 4,400 UK pubs, has warned of a 'material uncertainty', which casts doubt on the company's ability to continue.
Stonegate has not yet agreed on new loans to replace the £2billion debtConcerns have been raised over the future of the Slug & Lettuce and Be At One chains as the owner scrambles to plug more than £2billion in debts.
Now, the company says it has not yet agreed on new loans to replace the £2billion debt which is due for repayment in June 2025. It went on: '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.'
READ MORE: No turnaround for Vodka Revs as chain considers shutting down 20 of its worst performing branches weeks after chief exec said customers were feeling cost-of-living crisis pinch Advertisement Revolution Bars is considering putting itself up for sale and is looking to close a quarter of its venues in a move that could threaten hundreds of jobs.
Recent figures showed that 509 pubs shut down in 2023, equating to a loss of 6,000 jobs, while even more alarmingly an estimated 750 are expected to close by June this year.
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