Stonegate prepares for job cuts
Stonegate Group, which operates more than 4,000 pubs and bars across the UK, is reportedly planning a major restructure which could result in the loss of 150 jobs.
Reported in The Telegraph by senior business reporter Daniel Woolfson at the weekend, it has been revealed that Stonegate Group is in talks with consulting firm AlixPartners over plans to restructure the business.
Stonegate Group, formed in 2010, is now the largest pub group in the UK and the operator behind the likes of Slug & Lettuce, Be At One, Pubsmiths, Heritage Pubs and more.
However, it is understood that no jobs in its pubs and bars will be affected by the restructuring, and that the job losses, expected to involve up to 150 positions, will primarily affect its head office as well as central functions.
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The hospitality group has been hit hard by the recent challenges the sector is facing, including the government’s National Insurance hike. Earlier this year, Stonegate Group revealed that it would be hiking the price of its pints by 4% in a bid to deal with rising cost pressures.
In summer 2024, in a bid to tackle the company’s £3 billion of debt, Stonegate owner TDR Capital agreed to provide £250 million for the company, simultaneously handing over its stake in the group to one of Stonegate’s lenders in an effort to ease the pressure.
In light of the latest news about the job cuts, a spokesperson for Stonegate Group told Woolfson: “…we must reorganise our support functions to reflect the shape of our business today…We recognise that this is a difficult time and we are committed to supporting our colleagues with care and fairness as we consult with the business on the proposed changes.”
the drinks business has reached out to Stonegate Group for further comment on its plans.
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