Concerns have been raised over the future of thousands of pubs, including 80 in Greater Manchester, after it emerged that the UK's largest pub chain Stonegate is grappling with a huge £2.3bn debt. The group, which owns Slug and Lettuce, also operates more than 4,400 other hospitality venues in the UK, including Be At One and a series of smaller bars - but has warned that there is a risk it might not be able to service its debts.
The report stated: "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 as a going concern," reports the Mirror.This means the group "may be unable to realise their assets and discharge their liabilities in the normal course of business". After acquiring Ei Group - formerly known as Enterprise Inns - in 2019 for £1.
Owned by the Cayman Islands-registered TDR Capital, which also owns supermarket giant ASDA, Stonegate Pub Company is linked with several other pub brands such as Frontier Pubs, Six Cheers, and Old Spot.