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.
GettyPub giant Stonegate is ‘planning to sell’ 1,000 pubs[/caption]
The chain, which is owned by private equity firm TDR Capital, has a £2.6billion debt pile and plans to sell 1,000 of its pubs for an estimated £800million.
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.
The chain has 1,289 pubs, bars and nightclubs across the country.
Pubs have come under pressure due to changing leisure habits and soaring energy costs.
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.
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.
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