Slug & Lettuce owner 'planning' to sell 1,000 venues after accruing £2.5billion debt
Bosses at the pub giant behind the Slug & Lettuce and Be At One chain are mulling plans to close 1,000 venues after accruing an enormous £2.6billion debt pile during the pandemic, it has been reported.
Stonegate is looking to sell off the venues for £800million, according to Bloomberg.
The chain, which is owned by private equity firm TDR capital, completed a takeover of rival Ei before the Covid pandemic - and before the hospitality sector was battered by successive shutdowns.
The industry is also now under increased pressure due to rampant inflation and rising energy bills.
A spokesperson for Stonegate declined to comment when approached by MailOnline.
It comes after Wetherspoons confirmed ten of its pubs will be closing for good after being sold.
Wetherspoons also noted that costs were far higher than three years ago, especially for labour, food, energy and maintenance.
Its chairman Tim Martin said: 'The aftermath of the pandemic and lockdown restrictions have been far more difficult than anyone thought. That is the picture for the whole pub and restaurant industry.
'People thought that after lockdown there would be a boom in people suffering from cabin fever but, instead, it has almost been the opposite situation as people have got in the habit of staying in.
'That's the big thing that means sales are down on 2019. Things are improving now but it's slow.'
Wetherspoons pubs that have been sold and are up for sale
Harvest Moon, Orpington - Alexander Bain, Wick - Chapel an Gansblydhen, Bodmin - Moon on the Square, Basildon - Coal Orchard, Taunton -
Running Horse, Airside Doncaster Airport - Wild Rose, Bootle - Edmund Halley, Lee Green - Postal Order, Worcester - North and South Wales Bank, Wrexham
Wetherspoons pubs still up for sale:
The Butlers Bell, Stafford - rlds Inn, Romford - Silkstone Inn, Barnsley - Wrong 'Un, Bexleyheath - The Percy Shaw, Halifax - Jolly Sailor, Hanham - The Alfred Herring, Palmers Green
The Moon & Bell, Loughborough - The Widow Frost, Mansfield - Resolution, Middlesbrough - Foxley Hatch, Purley - The Rising Sun, Redditch - Sennockian, Sevenoaks
Admiral Sir Lucius Curtis, Southampton - The Colombia Press, Watford- The Malthouse, Willenhall - The John Masefield, New Ferry - The Crosse Keys, Peebles - Lord Arthur Lee, Fareham
The Saltoun Inn, Fraserburgh - General Sir Redvers Buller, Crediton - Plough & Harrow, Hammersmith - Thomas Leaper, Derby - Cliftonville, Hove - Tollgate, Turnpike Lane - Asparagus, Battersea
Millers Well, East Ham - Hudson Bay, Forest Gate - Angel, Islington - The Billiard Hall, West Bromwich - Capitol, Forest Hill - The Bankers Draft, Eltham - Moon on the Hill, Harrow - The Bank House, Cheltenham - Last Post, Loughton -
Reference: Daily mail: Story by Alexander Butler