Union warns closure of 13 well-known Glasgow pubs as Stonegate venues at risk

The news comes after the GMB warned about the collapse of Stonegate pubs across the country after the pub chain owned by TDR Capital has been forced to issue a profit warning as it struggles to refinance its debts.

TDR also own ASDA but previously told a parliamentary committee that it was  'very confident they would be able to refinance the debt’, however that does not look to be the case.

Stonegate currently own 13 pubs across Glasgow which could potentially be at risk:

• Home, Albion Street
• Three Judges, Dumbarton Road
• The James Tassie, Kilmarnock Road
• The Bank, Clarkston Road
• The Old Smiddy, Old Castle Road
• The Ark, North Frederick Road
• Hall, Sauchiehall Street
• Missoula, West George Street
• Popworld, West George Street
• The Merchant, West George Street
• Felson's, Renfield Street
• Walkabout, Renfield Street
• The Howgait, St James' Road

GMB National Officer, Nadine Houghton said: “TDR bosses have serious questions to answer: why was the committee told there was high confidence of refinancing Stonegate’s debts, when the accounts reference 'material uncertainty'? “Why did the founding partner of TDR Capital resign from the Stonegate board on 1 December? “Under TDR Capital, Stonegate has been driven into the ground.

“TDR Capital’s private equity business model is to heap debt on companies, then leave communities and workers to pick up the pieces when things go wrong.

“The collapse of Stonegate may be a dire warning of what’s to come for Asda.”

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.”