Against the familiar backdrop of Gloucestershire pubs struggling to meet energy bills and maintain footfall after the Pandemic, a new warning has been issued today by the GMB Union that the biggest pub landord in the UK is struggling to manage its debts.

And the warning highlights 58 pubs in Gloucestershire that face an unknown future, with a potential jobs risk for hundreds of people across the county as their owner struggles to refinance its operation.

Stonegate Pub Company is the largest pub company in the UK and currently operates around 4,800 managed, leased and tenanted pubs. In 2019, the company acquired 10 pubs across Gloucestershire  as part of a move which made it the biggest operator in the sector.

Owned by TDR Capital, Stonegate's head office is based in Solihull, while the company is registered in the Cayman Islands.

In a statement issued this morning, the GMB Union hit out at Stonegate's lack of clarity over its current financial position. The union now claims that more than 4,500 of the company's pubs are at risk as TDR Capital seeks to refinance a debt of £2.6bn.

Justin Bowden, GMB Regional Secretary, said: "The position with the Stonegate Pub Company's finances is lacking in transparency, with the ultimate holding company based in the Cayman Islands.

"TDR Capital must be accountable to local people and they have a duty to safeguard 4,500 pubs which are vital community assets."

GMB's experience with private equity owners has been, and continues to be, wholly negative, he said.

"We fear for the future of our local supermarkets and pubs in the hands of their private equity owners."

On Tuesday this week, Gary Lindsay, the boss of TDR Capital (which also owns supermarket giant Asda), told the Business and Trade Select Committee that 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 is concerned that refinancing could lead to crippling payments to service the debt.

A spokesman told Punchline-Gloucester.com: "Stonegate is one of the largest pub companies in the UK, with more than 4,500 pubs and more than 19,000 workers, including brands like Slug and Lettuce, Yates and Walkabout.

The GMB has sent Punchline a list of the 2,500 UK pubs which it believes might be under threat from any refinancing process. These include several in Gloucestershire, including 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.

● Punchline-Gloucester.com will update this report as developments unfold.