A PUB chain that owns a venue in Saltash states none of its premises are at risk of closure despite a trade union issuing a warning.
Fears have been raised The Railway in Fore Street could have pulled its last pint after the GMB Union warned 418 Stonegate pubs face closure in the South West following “the company issuing a profit warning”.
But owner Stonegate states it has not issued a profit warning and says there has been significant improvement in its profitability.
GMB alleges Stonegate says “there is no guarantee it can continue as a going concern, as it struggles to refinance a £2.2-billion debt mountain” despite private equity owner TDR’s assurances to a parliamentary select committee in January.
GMB has 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 the South West are in serious danger of pulling their last pint. It’s a disgrace.”
Stonegate has more than 4,500 pubs in the UK and more than 19,000 workers.
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.”