- UK tavern chain vows to clear £2.2 billion debt
- Stonegate seeks to refinance debt by 2025
- Revenue up, but incurred £257 million loss
The most prominent tavern chain in the United Kingdom has vowed to eliminate its £2.2 billion in debt.
Stonegate, which operates the Be At One and Slug & Lettuce chains, warned of “material uncertainty” regarding the obligations in its annual report.
The company has until 2025 to refinance its obligations, most of which were incurred in 2020 when it acquired competitor Ei Group.
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David McDowall, the organization’s leader, stated, “We have consistently maintained our commitment to attaining our long-term balance sheet objectives. The effective refinancing of a fraction of our estate in December represents a noteworthy strategic stride in this direction.”
Stonegate reported a 6.7% increase in revenue to £1.7 billion for the fiscal year ending September 24, 2023. It, however, incurred a £257 million loss.
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