The company operates Slug and Lettuce, Walkabout, Popworld and Reflex bars alongside several smaller standalone venues
Concerns have been raised for the future of 37 pubs and bars across Lancashire after a debt-stricken pub chain revealed there was 'uncertainty' about its ability to continue.
It has yet to secure new loans to plug the hole in its finances, despite repayments being due as early as June next year. Talks with potential lenders are said to be under way.The company has 4,000 venues, including 37 across Lancashire and nearly a dozen in Blackpool alone. Stonegate CEO David McDowall, previously chief operating officer for Brew Dog, has said the company has seen an increase in profits and that employees 'are not at risk'.
Stonegate's company accounts revealed a 'material uncertainty' that 'may cast significant doubt on the company and group's ability to continue as a going concern'. Mr McDowall said: "I am really pleased with the performance of the business in 2023, which included a sector-leading Christmas trading period.
"This is testament to the hard work of our people and partners, but also to the success of our on-going initiatives to increase profitability across our portfolio of brands and venue formats. Our performance gives me real confidence in the future and excitement in seeing our strategy come to fruition.
Preston Blackpool Lancaster Blackburn Chorley Clitheroe Darwen Morecambe Thornton-Cleveleys Lytham St Annes
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lancashire must preserve its true roots before they fade into forgotten historyThere is now “too much emphasis on Lancashire being the Lancashire County Council area”.
Read more »
Downton Abbey style 4 bed Lancashire countryside mansion with uber modern interior & huge garden for saleThis 1830s gem is a sight to behold.
Read more »
Huge Emmerdale name quits to move to rival soap in huge shake-upEmmerdale's boss Kate Brooks has quit her role for a job at rival northern soap Coronation Street and will take over creative responsibilities for the ITV soap from April 2024
Read more »
Slug and Lettuce chain's future in doubt over massive £2bn debtThe pub group own around 80 pubs and bars in Greater Manchester
Read more »
Where the 80 Manchester pubs at risk of closing are as chain reveals £2bn debtSlug and Lettuce, Be At One, and other pubs and bars across the country are owned by Stonegate
Read more »
The 80 Manchester pubs run by Stonegate chain in £2bn debtSlug and Lettuce, Be At One, and other pubs and bars across the country are owned by Stonegate
Read more »