A MAJOR chain is "planning to sell" 1,000 pubs in another blow for punters.
Pub giant Stonegate, which is behind brands such as Slug and Lettuce and Be At One, is looking to sell off pubs to pay down its debt pile, according to Bloomberg.
The chain, which is owned by private equity firm TDR Capital, has a £2.6 billion debt and plans to sell 1,000 of its pubs for an estimated £800 million.
It comes after Wetherspoons announced that a further eight of it pubs have been sold, on top of the three that The Sun had previously reported.
Stonegate declined to comment when approached by The Sun.
Pubs have come under pressure due to changing leisure habits and soaring energy costs.
READ MORE IN MONEY
Warning as thousands of pubs may have to close for two days a week
Full list of 11 Wetherspoons pubs closing for good with 35 still for sale
It comes as Revolution revealed it will be shutting some of its bars on Mondays and Tuesdays to help cut energy costs.
The bar chain has 90 venues across the UK, which typically trade from late morning through into the late evening.
Around 4,500 pubs in the UK are considering reducing trading hours over winter, according to the British Beer and Pub Association.
The trade group said that 85% are considering closing completely on one to two days a week in an effort to keep costs down.
Most read in Money
Martin Lewis reveals how to claim 20mths FREE travel & breakdown insurance
Retailer ‘to disappear from the high street’ within weeks
Virgin Media went down leaving thousands of customers without access to internet
Urgent warning issued to all drivers filling up vehicles with petrol or diesel
While UK Hospitality says the sector is facing a "winter challenge like no other".
Energy bills are capped for businesses, but the support will end on March 31.
It was first announced in September under then prime minister Liz Truss.
The government froze wholesale non-domestic energy costs at £211 per MWh for electricity and £75 per MWh for gas.
But this will change in April when government support for firms will be slashed by billions of pounds to try and slim down the cost of the scheme.
The Government promised to support households for two years, non-domestic customers were told their support would run out in just half a year.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
Source: Read Full Article
