• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content
Hundreds of popular UK pubs look set to close down

Home> News

Updated 17:40 1 Feb 2023 GMTPublished 17:30 1 Feb 2023 GMT

Hundreds of popular UK pubs look set to close down

Bad news for pint lovers

Daisy Phillipson

Daisy Phillipson

Hundreds of popular UK pubs could close down in the near future as the industry continues to struggle in a post-Covid world.

You might not have heard of Stonegate Pub Co, or its owner, private equity firm TDR Capital, for that matter.

But there's no doubt you'll know the name Slug and Lettuce.

Advert

The chain that's synonymous with cheap meals and cocktail deals was bought out by Stonegate just a few years back for a whopping £1.3 billion, only to bit hit by the pandemic.

From lengthy lockdowns to the cost of living crisis, the company has struggled to stay afloat, leaving it with an eye-watering £2.6 billion debt pile.

Alongside the former Slug and Lettuce owner Ei Group, Stonegate has acquired a number of businesses over the years.

It is now the UK's largest pub company, and is behind a whole range of popular bar and pub brands that'll no doubt bring back some embarrassing drunken memories, including Yates's, Popworld and Walkabout.

With such a whopping debt, a source told Bloomberg that the firm is considering plans to sell off 1,000 of its 4,500 pubs for an estimated £800 million.

Advert

The Slug and Lettuce owner could sell off hundreds of its pubs.
Eastern Views/Alamy Stock Photo

Just like the wider hospitality sector, Stonegate has experienced a hit to its finances due to what's been described as a 'perfect storm' of unfortunate circumstances.

We're all painfully aware of rising inflation in the UK, including energy and food prices, as well as a staff shortage following Brexit.

With the cost of living crisis showing no sign of slowing, many customers are taking to drinking at home, leaving pubs and restaurants struggling.

Speaking about the situation in an interview, Stonegate's chairman Ian Payne explained: "The biggest concern is energy.

Advert

"We know what we’re going to pay in February and March, but we still don’t know what we’re going to pay beyond that."

Back in October, JD Wetherspoon boss Tim Martin said the pub chain could be under threat too as people have realised there are cheaper ways to drink.

Martin said his company, which has almost 900 pubs across the UK, had a 'momentous challenge' on its hands to tempt customers back after lockdown, while admitting it hasn't made a profit since the pandemic.

Numerous companies are struggling financially right now.
Russell Hart/Alamy Stock Photo

"During lockdown, dyed-in-the-wool pub-goers, many for the first time, filled their fridges with supermarket beer – and it has proved to be a momentous challenge to persuade them to return to the more salubrious environment of the saloon bar," he said.

Advert

Martin's comments arrived shortly after it was revealed that Wetherspoon is looking to sell off 32 of its pubs in a bid to aide recovery.

In short, the outlook is bleak for lovers of cheap pints right now.

LADbible has contacted Stonegate for comment.

Featured Image Credit: Tripadvisor/Matthiola/Alamy Stock Photo

Topics: Money, Business, Food And Drink, UK News

Daisy Phillipson
Daisy Phillipson

Daisy graduated from Kingston University with a degree in Magazine Journalism, writing a thesis on the move from print to digital publishing. Continuing this theme, she has written for a range of online publications including Digital Spy and Little White Lies, with a particular passion for TV and film. Contact her on [email protected]

X

@DaisyWebb77

Advert

Advert

Advert

Choose your content:

10 hours ago
11 hours ago
  • 10 hours ago

    Everything we know about Texas floods that have killed at least 121 as Trump arrives at disaster site

    The President and the First Lady have headed to the state one week after the horror floods wreaked havoc

    News
  • 10 hours ago

    Scientists make surprising discovery at what lies under Antarctic ice sheet after its been covered in ice for 34 million years

    It could help scientists predict the future of the ice sheet

    News
  • 10 hours ago

    Paedophile to be surgically castrated after raping girl, 6, in nation's shock new punishment tactic

    It comes a year after a law was passed in Madagascar permitting the controversial punishment

    News
  • 11 hours ago

    Scientists think they've worked out what unknown interstellar object in our solar system is

    It came from outside our own solar system

    News
  • Beer drinkers stunned to make huge realisation about Madri
  • Former sex worker reveals what some of her strangest requests from clients were and what was most popular
  • New details released for 'Britain's biggest sex festival' coming to UK this year
  • Woman issues major warning after finding out how much she was charged for bottle of tequila in nightclub