To decrease its debt, a big hospitality company “plans” to sell 1,000 pubs across the United Kingdom.
Stonegate, which owns brands such as Slug & Lettuce and Be At One, is attempting to liquidate 1,000 pubs in order to repay £2.6 billion in debt.
According to Bloomberg, the company, which is controlled by private equity firm TDR capital, hopes to sell the pubs for an estimated £800 million.
It follows the announcement by Wetherspoons that ten of its pubs will permanently close after being sold, with an additional 35 locations up for sale.
Stonegate, which owns brands such as Slug & Lettuce (above) and Be At One (shown below), intends to sell 1,000 of its pubs in order to pay off £2.6 billion in debt.
The company, which is owned by the private equity firm TDR capital, hopes to sell the pubs for approximately £800 million.
Before the Covid-19 crisis, Stonegate acquired Ei, the largest corporation in the United Kingdom at the time, and built a company with 4,500 sites.
However, the industry has faced a difficulty since attempting to recover from the epidemic, which caused lockdowns in the hotel sector.
In addition to shifting leisure preferences and the energy crisis, the industry is under greater strain.
UK Hospitality stated that the industry was experiencing a “winter challenge like no other,” and despite the fact that energy bills for businesses are capped, the support will stop on March 31.
Additionally, Wetherspoons observed that prices were significantly greater than they were three years before, particularly for labor, food, electricity, and maintenance.
Tim Martin, the organization’s chairman, stated, “The aftermath of the pandemic and lockdown restrictions have been far more challenging than anyone anticipated.” This describes the entire bar and restaurant sector.
Individuals believed that after lockdown there would be an increase in the number of people suffering from cabin fever, but instead people have developed a habit of staying in.
“This is the major reason why sales are down in 2019,” Things are currently improving, albeit slowly.
When contacted by MailOnline, Stonegate declined to comment.
Pubs owned by Whetherspoons that have been sold and are for sale
Pumpkin Moon, Orpington
Alexander Bain, Wick
Bodmin’s Chapel a Gansblydhen
Basildon’s Moon on Square
The Coal Orchard in Taunton
Running Horse, Airportside at Doncaster
Rose and Bootle
Edward Halley and Lee Green
Postal Instructions, Worcester
Wrexham’s North and South Wales Bank
Wetherspoons pubs are still on the market:
Stafford’s The Butlers’ Bell
Inn Worlds, Romford
Silkstone Inn, Barnsley
Incorrect, Bexleyheath
Halifax’s Percy Shaw Hotel
Hanham, jovial sailor
Palmers Green’s The Alfred Herring.
Moon & Bell Pub, Loughborough
Mansfield, The Widow Frost, The
Settlement, Middlesbrough
Foxley Hatch and Purley stations
Rising Sun Inn, Redditch
Sennockian, Sevenoaks
Sir Lucius Curtis, Admiral, Southampton
Watford’s The Columbia Press
Malthouse in Willenhall
The New John Masefield Ferry
Crosse Keys and Peebles
Lord Arthur Lee, the Earl of Fareham
The Saltoun Inn is located in Fraserburgh’s Saltoun
Crediton General Sir Redvers Buller
Hammersmith’s Plough & Harrow
Thomas Leaper, Derby County
Cliftonville, Brighton
Tollgate, Turnpike Lane
With asparagus in Battersea.
Millers Well, East Ham
The Hudson Bay and Forest Gate
Angel, Islington
West Bromwich’s The Billiard Hall
Capitol, Forest Hill
The Bankers Draft, Eltham
Hill of the Moon, Harrow
Bank House in Cheltenham
Final Message, Loughton.
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