Fears grow for three Wigan borough bars after profits warning
Concerns have been voiced for Wigan jobs after the parent company of three borough bars admitted that it was in financial straits.
Stonegate is one of the biggest pub companies in the country, with 350 outlets in the North West alone, including Popworld on Wigan's King Street, the Weavers Arms on Lord Street in Leigh and the Canal Duke on Stour Road, Tyldesley.
This week it was forced to issue a profits warning, prompting the GMB union to raise fears that many venues could ultimately close as a consequence.
As the GMB predicted earlier this year – and despite private equity owner TDR’s assurances to a parliamentary select committee in January - Stonegate says there is no guarantee it can continue as a going concern, as it struggles to refinance a £2.2bn debt mountain.
Stonegate has more than 4,500 pubs in its porfolio, including brands like Slug and Lettuce, Yates and Walkabout, and has more than 19,000 workers on its books.
The union has written to Lian Byrne MP, chair of the parliamentary Business and Trade Select Committee, asking him to recall TDR bosses in light of the profit warning.
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 across the North West are now in serious danger of pulling their last pint.
“It’s a disgrace.”