Potential last orders for a swathe of pubs across 18 Gloucestershire towns and villages could be a forewarning for financial troubles that would put a major supermarket brand in danger, the GMB Union has claimed.

In the wake a profits warning, the Union has claimed that the potential collapse of pub giant Stonegate Pub Company, which owns 4,500 pubs and bar brands that include Slug and Lettuce, raises "huge questions" over the future of Asda.

In an earlier warning that its refinancing plans have not been executed, Stonegate said: "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 for the going concern assessment period."

Stonegate, which currently has total debt of more than £3bn, added it may also be "unable to realise" its assets and discharge its liabilities as per the normal course of business.

A London-based private equity firm, TDR Capital, owns both Asda and Stonegate, as well as pet products retailer Jollyes and QSR chicken chain Popeyes.

Nadine Houghton, GMB National Officer, said TDR had previously told a parliamentary committee it was 'very confident they would be able to refinance the debt'.

She added: "Yet as of September 2023 - months before the committee hearing - Stonegate's accounts showed there were 'material uncertainty' over the refinancing plans.

The union has consequently written to Liam Byrne MP, Chair of the Business and Trade Committee, urging him to recall TDR to the committee because the company was "not up front in answers to Parliament".

As reported in Punchline-Gloucester.com in January, were it to collapse, the loss of Stonegate would put 4,400 pubs and thousands of jobs at risk, including Gloucestershire pubs and hotels in Cheltenham, Charlton Kings, Prestbury, Cirencester, Moreton-in-Marsh, Bourton-on-the-Water, Somerford Keynes, South Cerney, Amberley, Bisley, Stroud, Nailsworth, Wotton-under-Edge, Painswick, Frampton-on-Severn, Cambridge, King's Stanley and North Nibley.

The GMB warns the issue also raises "serious concerns for the future of Asda, employer of more than 150,000 people".

Ms Houghton, added: "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? How will they ensure Asda doesn't face a similar fate to Stonegate?"

She added: "Under TDR Capital, Stonegate has been driven into the ground. Now they're doing the same at Asda: slashing millions of staff hours from the shop floor, allowing standards to decline in store and losing market share.

"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."

However, in a statement to Punchline-Gloucester.com Stonegate refuted that any venues were in danger and said the GMB's statements were "highly misleading".

A spokesperson 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."

They added: "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."