Pub powerhouse Stonegate, which owns brands such as Slug and Lettuce here on the Island, is looking to sell 1,000 of its establishments.
It is believed that the firm has amassed a whopping £2.6billion in debt and by closing 1,000 pubs around £800million could be recouped.
The main Stonegate-owned establishment on the Island is Slug and Lettuce on the bottom half of High Street in Newport.
However, Stonegate also own Hogsheads, Fever & Boutique, The King Lud, The Fleming Arms and The Griffin, as well as owning the leases in over 12 independent pubs.
The news comes just months after fellow pub-giant Wetherspoons announced that they would have to close some of their pubs to balance the books.
Stonegate boss, Ian Payne, has admitted that the biggest threat facing the chain is energy costs.
Very sad another shop closing newport is getting to be a ghost town now
Soon be filled instead by flats with skulking tenants lurking in doorways on phones looking any BUT like a ghostly face.
Same as the mainland.
Sadly since recent arrivals the charm of the Island is fast going.
Going out to these establishments to would be a luxury , people just haven’t got the spare cash to be able to enjoy these thing , when I say people I mean working people !.,!!!
One less chav magnet would not be a great loss.
YO CUZ, thats wear i met my baby mum.
Say no more!
And I advise you to stop F Breeding.
Nooo!!!! How am I supposed to get bladdered on the cheap in the port if they close this place?