Owners of Peterborough's Sir Henry Royce say city pub is safe despite union fears

Pub chain, the Stonegate Group, which owns the Sir Henry Royce in Peterborough as well as others, say their hostelries are safe despite union claims that hundreds of pubs are at risk of closure.

Stonegate bosses have moved to reassure staff and customers after GMB union officials warned that financial issues at the company were threatening the survival of many of its pubs.

Stonegate is the largest pub company in the UK, with more than 4,500 pubs and more than 19,000 workers, including brands like Slug and Lettuce, Yates and Walkabout.

It has 293 pubs across the East of England, including the Sir Henry Royce in Broadway, which benefitted from a major refit nine years ago, the Embassy in Broadway, and the Black Bull in Market Street, Whittlesey.

The union warns that many pubs are ‘in serious danger of pulling their last pint’ after Stonegate’s parent company TDR Capital announced it is seeking to refinance more than £2 billion of debt.

But 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 14 years into the UK’s largest pub company with 4,500 great venues across the country.”

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 East of England are now in serious danger of pulling their last pint.

“It’s a disgrace.”