00:00 It's reported that national chain Stonegate, which includes brands like Slug & Lettuce,
00:04 might be at risk as its parent company, TDR Capital, seeks to refinance £2.5bn of debt.
00:10 As a result of this, 33 pubs across Portsmouth alone are facing uncertainty, according to
00:15 GMB Union. Stonegate is one of the largest pub companies in the UK, with more than 19,000
00:20 workers working at over 4,500 pubs. The company includes popular brands such as Yates and
00:27 Walkabout. Gary Lindsay, boss of TDR Capital, said he was confident that the debts in the
00:32 Stonegate pub company could be refinanced this year. Justin Borden, GMB regional secretary,
00:38 said the position with the Stonegate pub company's finances is lacking in transparency. Borden
00:44 went on to say, "GMB's experience with private equity owners has been, and continues to be,
00:50 wholly negative. We fear for the future of our local supermarkets and pubs in the hands
00:55 of their private equity owners.
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