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. 

Stonegate is said to be looking to sell off 1,000 venues for £800million, Bloomberg said © Provided by Daily Mail

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 © Provided by Daily Mail

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.

It comes after Wetherspoons confirmed ten of its pubs will be closing for good after being sold© Provided by Daily Mail

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.'