The UK’s pub industry watchdog has opened an investigation into Stonegate, the country’s largest pub landlord, after concerns that it failed to provide accurate and transparent information to its tenants. Fiona Dickie, the pubs code adjudicator (PCA), said there were "reasonable grounds" to suspect Stonegate had broken industry rules governing the treatment of both existing and prospective tied tenants.

Stonegate, owned by TDR Capital, operates around 4,500 pubs, including the Slug and Lettuce and Walkabout chains, with more than 3,000 leased‑and‑tenanted sites subject to the Pubs Code. The code, introduced in 2016, was designed to allow tenants to break the centuries‑old "beer tie".

The probe comes as Stonegate converts hundreds of company‑managed pubs into leased‑and‑tenanted sites to cut a £3bn debt pile. The company reported a £174mn pre‑tax loss in the year to last September. This is only the second formal investigation in the regulator’s history.

Stonegate said it was "fully committed to complying with the code" and would co‑operate fully. The PCA is examining Stonegate’s conduct from 2011 to 14 July 2026 and has called on tenants to come forward to ensure tied tenants are "no worse off" than free‑of‑tie operators.