Pub giant Stonegate warns of ‘material uncertainty’ over its £2bn debt

Last orders: Stonegate has until 2025 to refinance its debts

Britain’s largest pub group has insisted it will get on top of its £2.2billion debt pile.

Stonegate, which runs the Slug & Lettuce and Be At One chains, warned of a ‘material uncertainty’ over the debts in its annual report.

The firm has until 2025 to refinance its debts, most of them accrued when it bought rival Ei Group in 2020. 

Boss David McDowall said: ‘We have been very clear that we continue to work towards achieving our long-term balance sheet goals, with the successful refinancing of a portion of our estate in December marking a significant strategic step towards this.’

Stonegate said its sales rose 6.7 per cent to £1.7billion over the year to September 24 2023. But it made a loss of £257million.