A PUB company has reassured customers after a union had claimed that its venues could be at risk of closure.

GMB Union said that more than 4,500 pubs run by Stonegate across the UK are "in serious danger of pulling their last pint" after parent company TDR Capital announced that it is seeking to refinance more than £2 billion of debt.

Stonegate pubs include The Weavers Arms in Leigh.

A spokesperson for Stonegate has dismissed the claims, saying that they are "really pleased with the performance of the business in 2023", with "a rise in revenue and a significant increase in profitability".

They said that "no venues are at risk as a result of this [refinancing] process".

The 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. We would also like to assure our employees and partners that no venues are at risk as a result of this process.”

They added: “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.”  

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Stonegate admitted that there is no guarantee it will be able to refinance its debt, stating: "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".

Gary Lindsay, the boss of TDR Capital, which also runs Asda and is headquartered in the Cayman Islands, told the Business and Trade Select Committee he was "confident" that a refinancing of the debt could be agreed this year.

GMB say they have written to Liam Byrne MP, chair of the Business and Trade Select Committee, asking him to recall TDR bosses.

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 are in serious danger of pulling their last pint. It’s a disgrace.”