Stonegate Pub Company releases statement amid fears for future of 66 popular Sheffield locals

GMB Union suggested more than 4,500 Stonegate Pub Company venues were at risk, including 66 in Sheffield, as the parent company TDR Capital sought to refinance £2.5 billion of debt.

But today, Stonegate’s chief executive has issued a statement, reassuring that the venues are “not at risk”, and that the firm had made a “significant increase in profitability”.

Earlier this year, Gary Lindsay, the boss of TDR Capital, which also runs Asda, told the Business and Trade Select Committee on January 9 he was ‘confident’ £2.6 billion of debts in the Stonegate Pub Company could be refinanced this year.

However, with current high interest rates, GMB Union said it was concerned refinancing could lead to crippling payments to service the debt.

Today, David McDowall, CEO of Stonegate, said: “I am 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. Our all-round performance exemplifies the strength and depth of the Stonegate estate, with our outstanding Craft Union and L&T divisions continuing to lead the way.

“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. Notably our asset optimisation plan which makes sure we have the right pub in the right location, further profit improvement initiatives, and above all our efforts to continue to support the Great British pub.

“With a summer of sport on the horizon, and the Euro’s and T20 World Cup fast approaching, we are looking forward to building on this momentum in the months ahead.

“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 valued employees and partners that venues are not at risk as a result of this process.”

The 66 Sheffield Stonegate pubs GMB claimed were at risk:

• The Prince Of Wales, 150 Derbyshire Lane
• White Swan, 57 Greenhill Main Road
• Centre Spot, 56 Jaunty Lane
• Ranmoor Inn, 330 Fulwood Road
• The Bulls Head, 396 Fulwood Road
• The Bloomery, Nile Street
• The Fox & Duck, 223-227 Fulwood Road
• The Bridge, Hollow Gate
• Coach & Horses, 13 Station Road
• Wharncliffe Arms, 365 Burncross Road
• Norfolk Arms, 29 White Lane
• Barrel, 191 Lane End
• The Thorncliffe Arms, 26 Burncross Road
• The Handsworth Inn, 343 Handsworth Road
• Devonshire Arms, 11 High Street
• Cross Scythes Totley, Cross Scythes
• The Millhouses, 951 Abbeydale Road
• Sportsman, 569 Redmires Road
• Noahs Ark, 94 Crookes
• The Richmond Hotel, 443 Richmond Road
• The George, 11 Market Street
• Crown Inn, 2 Albert Road
• Castle Inn, 111 Dykes Hall Road
• Sportsman Inn, 183 Worrall Road
• The Wadsley Jack, 65 Rural Lane
• Noahs Ark, 197 Mansfield Road
• The Hollin Bush, 108 Hollinsend Road
• Merrie Monk, 60 Manor Park Centre
• The George & Dragon, 20 High Street
• Fox, 21 Robin Lane
• The Hogs Head, 133 Delves Road
• Hawk & Dove, 7 Thorpe Green
• Union Hotel, 1 Union Road
• Byron House, 16 Nether Edge Road
• Cobden View Hotel, 40 Cobden View Road
• Princess Royal, 43 Slinn Street
• The Springvale, 1 Commonside
• Bagshawe Arms, Norton Avenue
• The New Bridge Inn, 4 Penistone Road North
• Old Crown Inn, 710 Penistone Road
• Earl Marshall, 291 East Bank Road
• Barrys Bar, 96-98 London Road
• Forty Foot, Wordsworth Avenue
• Shoulder Of Mutton, 19 Top Road
• Ye Olde Mustard Pot, Mortimer Road
• The Rose & Crown, 15 Bankfield Lane
• Old Red Lion, 210 Main Street
• Red Lion, 93-95 Penistone Road
• Old Harrow Inn, 165 Main Street
• Greyhound Hotel, 122 High Street
• Rose House, 316 South Road
• The Riverside, 383 Walkley Lane
• The Anvil, 106 Stannington Road
• Cavells, 31 High Street
• The Graduate, Surrey Street
• Globe, 54 Howard Street
• Roebuck Tavern, 72 Charles Street
• Red Lion, 109 Charles Street
• Slug & Lettuce Sheffield, 18 Holly Street
• The Bessemer, The Fountain Precinct
• Yates Sheffield, 2-6 Cambridge Street
• Popworld Sheffield, 2-8 Carver Street
• Walkabout Sheffield, Carver Street
• Norfolk Arms, 26 Dixon Lane
• Beehive, 240 West Street
• The Cavendish, 220-238 West Street
• The Sheaf House, 329 Bramall Lane