The steady hollowing out of what was once Croydon’s thriving town centre will take another step on September 12 when the Slug and Lettuce on Park Street brings down the shutters after 13 years.
Up for offer: Stonegate Group is inviting applications to take on the town centre pub
The current tenants running the venue, which pitched itself somewhere between a cocktail bar and post-work drinks pub, described the closure as “gutting news”. The venue has not had a refurb for nearly a decade, and like much of its neighbourhood, the Slug was beginning to look a little sad and neglected.
Being located immediately opposite what has been a demolition site since 2019 – the Nestlé Tower and St George’s Walk, where building work ground to a halt six years ago – and the seemingly permanent hoardings across the road will have nothing to provide an attractive prospect for potential customers.
Combine that with the general pressures on the pub trade, and the bar’s management, tenants of the vast Stonegate Group pub business, last month took the decision to close, noting that, “the site is no longer commercially viable”.
They said on social media: “It is with heavy hearts that we have to share the news that Slug and Lettuce Croydon will be closing for good.
“Our last day of trade will be Saturday September 12. We want to thank all of our amazing guests that we’ve had over the years and the memories we have all made will last a lifetime.
Tick-tock: time is running out for the Slug and Lettuce, which announced its closure on social media
“It’s gutting news, and we wish you all the best.”
The Slug’s demise comes less than a year since another Stonegate-owned pub in Croydon town centre, the Market Tavern on Surrey Street, also closed. Those premises, another supposedly “prime” corner site, have, like so much of central Croydon, remained shut ever since.
There remains a possibility that the venue could re-open, but under a new identity.
Stonegate is Britain’s biggest pub company, with interests in 4,500 venues across the country. Up to 1,500 of those pubs and bars are managed directly by the company. These include the Slug and Lettuce “brand”.
But Stonegate also has around 3,000 pubs run by independent publicans under the Stonegate Pub Partners operation, and this business is actively seeking new management to operate at the Slug’s Park Street site, offering potential tenants the opportunity to “Make it your own”.
The suits at Stonegate may, in part, at least, have acted in part in response to an investigation by the Pubs Code Adjudicator to determine whether it was providing new tenants with accurate information about potential repairs and the financial prospects of its pubs.
The Torygraph reported six weeks ago: “Fiona Dickie, the regulator, said Stonegate, which controls 4,000 venues, including Slug and Lettuce and Walkabout, had received the worst satisfaction score from tied tenants for the last three years.” Oh.
This is only the second investigation conducted by the Pubs Code Regulator since it was established a decade ago.
Some Stonegate tenants have complained that the pub giant has not made repairs it was required to undertake, according to the newspaper report, while other publicans raised concerns about revenues, claiming that their rents were set in line with projected cash flows that the sites have been unable to meet.
A spokesman for the company told the Telegraph: “Stonegate is fully committed to complying with the code and ensuring all publicans are treated fairly.” Which is nice.
“We accept that from time to time we may encounter a disagreement with an operator. We always acknowledge any concerns raised and seek amicable resolution… A central part of our transformation strategy is to create an environment in which local entrepreneurs can thrive in the communities they serve.”
But Stonegate’s business is creaking under the debt accrued through years of acquisitions and rising borrowing costs, and so it is undertaking “a radical transformation plan”, including the sale of some sites to reduce debt.
It has not made that move, not yet, at least, as far as the Slug’s site on Park Street.
‘Sleek’: Stonegate is seeking someone to take on its town centre pub, which is claims ‘boasts a modern, bright interior’
Stonegate Pub Partners’ spiel for the venue states: “This stylish city-centre bar and restaurant sits on a prominent corner site in the heart of Croydon, just moments from Fairfield Halls and the main shopping and entertainment district.
“Following a major refurbishment in 2017, the venue now boasts a modern, bright interior with sleek furniture, a dedicated cocktail station, and a contemporary, open-plan design perfect for both daytime dining and late-night socialising.
“Trading across two floors and accommodating over 350 guests, this versatile space caters to a wide mix of customers — from lunchtime shoppers and after-work drinks to weekend parties and private functions. It currently operates daily from midday, with late opening on Fridays and Saturdays, giving it strong potential for both daytime and evening trade.”
And they offer some figures (which the Pubs Code Adjudicator might have an interest in): Stonegate says the venue’s forecast turnover per week is £12,546, while the guide to rent per week is £961 and the turnover rent per week is given as £253.
Stonegate’s regional manager offers these thoughts: “This really is a special venue in the heart of town.” He calls it “a great opportunity”.
“You will have good marketing skills that attract the young, urban, mixed demographic and experience of what makes a high street venue stand out from the crowd.”
Read more: Two more Croydon town centre pubs pull down the shutters
Read more: Coombe Lodge open at last, but it doesn’t seem quite finished
Read more: Surrey Street’s Mr Fox ‘cocktail pub’ freehold is put up for sale
PAID ADS: To advertise your services or products to our 10,000 weekday visitors to the site, as featured on Google News Showcase, email us inside.croydon@btinternet.com for our unbeatable ad rates
- If you have a news story about life in or around Croydon, or want to publicise your residents’ association or business, or if you have a local event to promote, please email us with full details at inside.croydon@btinternet.com
- Our comments section on every report provides all readers with an immediate “right of reply” on all our content. Our comments policy can be read by clicking here
