The future of hundreds of pubs is “at risk” after a chain announced it was looking to refinance billions of pounds worth of debt.

GMB Union has claimed hundreds of Stonegate pubs in the South East – including 190 in Kent – could be set for big changes as parent company TDR Capital seeks to refinance £2.5 billion.

The private equity company also owns Asda supermarket and boss Gary Lindsay believes the debts will be sorted this year.

However, the worker’s union is worried refinancing could lead to “crippling payments” which will affect some pubs cutting staff hours and other problems.

The Stonegate Group has pubs in multiple towns around the county – including big names like Bierkeller in Maidstone and the Prince of Wales in Chatham.

GMB spokesman for the south, Justin Bowden, said: “The position with the Stonegate Pub Company’s finances is lacking in transparency, with the ultimate holding company based in the Cayman Islands.

“TDR Capital must be accountable to local people and they have a duty to safeguard the 650 local pubs which are vital community assets.

“GMB’s experience with private equity owners has been, and continues to be, wholly negative.

“We fear for the future of our local supermarkets and pubs in the hands of their private equity owners.

“We are far from reassured that our members and our communities will not be ripped off as the CMA found happened with the ASDA petrol stations.”

A Stonegate Group spokesman said: “We continue to invest in our pubs and our people, in particular supporting local pubs which play such a key role in their communities.

“Our pub business remains very resilient despite the challenges our industry faces, with good like-for-like sales growth across the group.

“Following our recent successful financing announced in December as well as strong recent trading, we are well placed to deliver on our longer term objectives and we are very confident in our ability to re-finance at the appropriate time.”