Major pub chain to sell 1,000 boozers following suit with rival Wetherspoon

One of the UK's major pub chains is selling off more than 1,000 of its boozers just days after its biggest competitor announced a similar move.

Stonegate – which owns high street favourites Slug and Lettuce and Be At One – is looking to sell off a ton of pubs in order to cut debt.

According to a report in Bloomberg, the company has a debt pile of around £2.6 billion, after buying rival change Ei group for £1.3 billion.

READ MORE: Mr Blobby has head kicked in after decking rivals in mad return to UK wrestling

And it is now looking to get rid of some of its branches in order to cut that way down.

The Daily Star has contacted Stonegate for comment, as no details on which pubs are up for sale have been released.

The closure news comes as Wetherspoon announced it was selling off 35 of its boozers in the next few months.

At the end of 2022, a survey by UK Hospitality, the British Beer and Pub Association (BBPA), the British Institute of Innkeeping (BII) and Hospitality Ulster showed that 35% of companies in within the hospitality industry would be operating at a lost or unable to stay open.

It also reported that one-third of firms were at risk of closing.

A spokesman for the groups said: “Hospitality has huge potential to be real driver of economic growth, job creation, and deliver millions to the Exchequer and our local economies.

  • Dozens of Wetherspoon pubs set to close – full list of beloved boozers facing the axe

“Prior to the energy crisis, the sector was showing signs of having bounced back strongly from the pandemic and looking to grow.

“If the government wants to be turbo-charging sectors of the economy, our dynamic hospitality industry is prime to grow – but it needs to survive this generational crisis first.

“Further business rates relief is absolutely critical to avoid businesses facing a cliff edge in April and, in the long-term, a move to cut VAT for hospitality would do wonders in giving consumers the confidence they need to support their local hospitality businesses, which are so important to our local communities and the economy."

To get more stories from Daily Star delivered straight to your inbox sign up to one of our free newsletters here.


  • For more of the latest news from the world of the Daily Star, check out our homepage
  • Paedophile 'MI6 operative' left porn on bus and kept 45 'child fantasy' diaries

  • UK Parliament infiltrated by 'Fifth Column' of 'Putin chums', claims defence expert

  • Russian supermarkets forced to sell out of date food to starving population

  • WWE legend Hulk Hogan pleads for 'help' on Twitter after running out of toilet paper

Source: Read Full Article