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Last orders: Stonegate has until 2025 to refinance its debts
Britain’s largest pub group has insisted it will take over its £2.2bn debt.
Stonegate, which runs the Slug & Lettuce and Be At One chains, warned in its annual report of “material uncertainty” over debts.
The company has until 2025 to refinance its debts, most of them accumulated when it bought rival Ei Group in 2020.
Boss David McDowall said: “We have been very clear that we will continue to work towards our long-term balance sheet targets, and the successful refinancing of a portion of our estate in December marks a significant strategic step towards this.”
Stonegate said its sales rose 6.7 percent to 1.7 billion pounds in the year to September 24, 2023, but it made a loss of 257 million pounds.