Greene King to open town centre Hungry Horse: Greene King is to open a town centre Hungry Horse in the St. Modwen development in Longbridge in the West Midlands. The venue has been named after the Austin Cambridge car, acknowledging the car manufacturing heritage of the site. The family-led pub occupies a position overlooking Austin Park and the River Rea and will have a mezzanine floor and outdoor seating. Initially, it will create up to 50 full and part time jobs. Greene King has signed a 25-year lease on the 6,000 sq ft premises and joins Sainsbury’s, Costa Coffee, Premier Inn, Beefeater Bar & Grill and Greggs in the development.
  
Morecombe entrepreneur re-opens town’s only nightclub: Morecombe entrepreneur Jim Hancock, has re-opened Morecombe’s only nightclub, The Carleton, as C2. The Carleton shut down in spring 2012 after the previous management went bust, unable to turn the club into a profitable business in a flagging economy. Hancock said: “It’s a risk but I’m a risk taker. You’ve got to grab hold of an opportunity. I’ve been running my business Hancocks Skip Hire for seven years now after taking over from my dad and I’ve been looking for a nightclub for some time.”

Guests rank Britannia Hotels lowest: Customers have ranked Britannia Hotels, the company that owns Pontins, as the worst hotel operator in the country, with leaky showers, squeaky beds and peeling wallpaper. A league table drawn up by the consumer watchdog Which? gave it 36%, less than half the score of Q Hotels, which came top of the table with 78%, followed by Radisson Blu’s Edwardian brand, with Premier Inn in third place.' Leisure analyst Wyn Ellis, of Numis Securities, said: “The average score for each hotel rated in the survey (36 hotel companies) was 64.7%. Whitbread's Premier Inn did well, scoring 76%. The results highlight the significant gulf in customer satisfaction between it and its major competitor, Travelodge although Travelodge's customer score did improve to 50% from 46% in 2012.”

Domino’s hires new PR agency: LightBrigade PR has begun work as the first central press office for Domino's Pizza after a two-way pitch. The agency pitched against Iris Worldwide, which is responsible for Domino's creative and digital development. It began work at the end of last week supporting the roll-out of Domino's latest product development, chocolate dough balls. Sarah McGhie, head of PR at Domino's, said: "We need to kick start a proactive press office, and we need something fast.”.

Swallow Hotels site relaunched after multi-million makeover: A landmark former Swallow Hotel in Lancashire is set to reopen after a multi-million pound refurbishment. The former Swallow Hotel, in Preston New Road, Samlesbury, is being relaunched as the Samlesbury Hotel. The hotel closed suddenly under the previous owners in April but is set to reopen after being bought by Squire Hotels, which was launched earlier this year by Manchester-based lawyer Chris Eddlestone. The Samlesbury Hotel will be a modern contemporary four-star hotel with 80 new bedrooms, state-of-the-art meeting rooms, and a main function room accommodating up to 160 people. A ground floor bar and grill will be open to the public daily from 6.30am

Famous Cotswold pub back on market: The famous Mason Arms in South Leigh, near Witney, Oxfordshire is back on the market after a sale fell through at the last minute. Peter Brunt from Colliers International said: “We were just 12 hours away from exchanging contracts on the Mason Arms when the pub company involved pulled out due to a change of heart. But there was considerable interest from potential buyers and I am confident it will be snapped up before long.” The Mason Arms, the first pub in Oxfordshire to be prosecuted for disregarding anti-smoking laws, has been placed on the market by its larger-than-life owner Gerry Stonhill. Described by Raymond Blanc as his all-time favourite pub, it comes with its own helicopter pad. The Mason Arms is back on the market with a price tag of £700,000 freehold.

Cider maker says battered Irish pub market may have turned corner: The cider maker C&C says the Irish pub market may have turned a corner after the company's sales volume in bars there outperformed off-licences for the first time in seven years. Sales have fallen by a third since 2007 in Ireland. C&C, which bought Ireland's leading beverage distributor, Gleeson Group, last year, said volumes in the Irish pub sector declined by 1%, against a 2% fall in the off-trade channel. Price increases led to overall growth of 3% in value terms.

Ceviche appeals for more sites: The Peruvian restaurant operator Ceviche, which was founded in Soho, central London in 2012, is about to open a second site in Shoreditch, East London called Andina, and has advertised for more sites. It is looking for sites of between 2,000 and 5,000 sq ft, with a minimum ground floor of 1,000 sq ft. Its target locations are all in London: South Kensington, Borough Market/Bermondsey, Islington, Covent Garden, Marylebone, Holborn, Kings Cross, Leadenhall Market, Smithfields, Southbank, Mayfair, Liverpool Street, Camden, Victoria, Canary Wharf, Westfield, Shepherds Bush and Fitzrovia. Suitable properties should be forwarded to jason@restaurant-property.co.uk. Ceviche opened a pop-up restaurant in the Virgin Upper Class Lounge at Heathrow in July.

East Midlands operator buys two Fat Cat sites: The East Midlands multi-site operator Eddie Rathaur has bought two former Fat Cat Cafe bars out of administration, in Chapel Bar, Nottingham and in Derby. Only the freehold and Fat Cat business in Leicester remain available from the original portfolio of 12. Rathaur said: “These two fantastic, well-known venues complement our existing portfolio in the East Midlands. We have great plans for both bars, building on their reputations as key parts of the city centre leisure sector.” Four Fat Cat Cafe Bars sites have now passed into new ownership, including one, the Queens Head in Frodsham, sold to Stonegate Pub Company earlier this year. The Queens Head re-opened at the weekend after a £200,000 refurbishment to convert it to Stonegate’s Classic inns brand.

Japanese knotweed delays signing of Spirit lease: A plan to convert the Grand Hotel in Leigh-on-Sea, Essex to a hotel and spa have been delayed by Japanese knotweed. Workers are now trying to clear the plant, but it is delaying Mick Norcross, who runs the Sugar Hut in Brentwood, Essex from signing the lease on the Grade II listed building. Norcross said: “Japanese knotweed is a serious matter and so has delayed the signing of the lease. It can be expensive to clear and so the current owner has to take responsibility for it like anything else that arises before the lease is signed.” Spirit is the current leaseholder of the empty building in the Broadway.

Stonegate names Minories as its Business of the Year: Stonegate Pub Company has named its Minories pub near Tower Hill Tube station in London as its Business of the Year. Star performers at the company will b taken on a trip to South Africa. Stonegate's chief executive, Toby Smith, said: "I am delighted that the whole Stonegate management and support team were able to contribute to a brilliant event and celebrate the exceptional performances from 2013. The winners are in for a trip of a lifetime hot on the heels of last year’s superstars trip to Las Vegas."

Caffe Nero to open flagship Windsor site: Caffe Nero is to open a flagship site in Windsor in November, occupying a former Millets store at the lower end of Peascod Street that has stood empty since June. A Caffe Nero spokeswoman said: “I can confirm that the store is due to open sometime in the week commencing November 18 and we will be employing approximately six local people as baristas.”

Fourth Prezzo director sells shares: Kuldip Sehmi, an executive director at the Italian restaurant chain Prezzo, traded in 200,000 shares last week, reducing his stake to 682,244 shares, equal to 0.29% of the issued share capital. Sehmi, who is responsible for the day to day running of approximately half the Prezzo estate, sold the shares at 117p each for a total trade value of £234,000. The size of the transaction in much smaller than those made by chief executive Jonathan Kaye and two of its non-executive directors last month, when they each traded in 1.3m shares in the company.

Mark Dorber wins Beer Academy award: Acclaimed pub landlord Mark Dorber, who turned Mitchells & Butlers’ White Horse on Parson's Green, West London into a haven for beer enthusiasts, has been given the Beer Academy’s highest honour, its annual “Honorary Beer Academy Sommelier” award. Beer Academy director Simon Jackson said: “Mark was a business analyst who left a job in the City of London to pursue his love of beer as landlord of the White Horse. Here he pioneered innovative standards of cellarmanship and took particular pride in training a new generation of beer connoisseurs, who can be found managing their own pubs and microbreweries all across the world. His famous tutored tastings and beer dinners led to the White Horse being a regular on TV, radio and the national press – and prompted legendary beer writer Michael Jackson to dub it 'Beer Central'. His new pub, the Anchor at Walberswick in Suffolk, continues this pioneering tradition.”

Wagamama 3, La Tasca 0: Wagamama has opened its third Bristol restaurant, in Cabot Circus. It replaces a former La Tasca, which has gone from having three restaurants in Bristol a few years ago to now having none at all.
 
Geof Collyer – Spirit has a cunning plan: Deutsche Bank analyst Geof Collyer says Spirit Pub Company "has come up with a cunning plan that could/should free up some much-needed cash for reinvestment rather than be required for debt amortisation." The "cunning" part of the debt re-profiling plan, Collyer says, is that it is voluntary, "since we do not believe that the bond holders would vote for a 15-year deferral of repayment whilst Spirit continued growing its dividend. However, the plan now means that the group will probably need to refinance in 2018. Cash flow should remain tight and investment rationed." Collyer said the bank was giving the company a "hold " recommendation "as we believe most of the good news is in the price. We value Spirit Pub Co on an 11.5x EV/Ebitda multiple for the year to August 2014, based on Ebitda that excludes the provision credits. This multiple reflects a half way house between the pub groups that are more geared to operating leases in the sector and those that are asset rich. The Spirit asset mix is one third operating leases at group level, but 45% in the managed estate, of which around one third are loss making. We would have increased our valuation to just 73p if we excluded the 53rd week benefit. Even if we used the same multiple for the more heavily asset backed groups like Greene King and M&B (12x), there would still not be enough upside to move to a Buy, in our opinion."
 
Thomas – No Saints profitable now after £3.4m loss: Nightclub veteran Stephen Thomas, who founded and ran the Luminar nightclub business for many years, has told Propel that his No Saints nightclub operation is now profitable after reporting a £3.4m loss in the seven months to September 2012. Thomas says that the £3.4m loss occurred after a third and fourth round of fund-raising did not materialise, and the company had to write down the value of a number of venues where investment was no longer possible and sites were surrendered back to landlords. Losses on the write-down of the value of assets and discontinued sites amounted to £3m. Trading losses of around £400,000 account for the remainder of the loss but the continuing business was profitable after central costs over the course of the full year. The company, which is now split into Jam House and Dancing Division segments, is forecast to make around £1.5m profit on turnover of around £16m this year. Thomas told Propel: “We haven’t done as well as we’d have liked but it is nothing to do with operational excellence. This is a profitable business: we had a series of site issues around lease and capital commitments to sort out after our third and fourth tranche of funding did not come through. We had to focus on our profitable sites.” Thomas said that the Jam House division made £460,000 Ebitda from its sites in Edinburgh and Birmingham, and the Dancing Division, which includes four sites where the company holds an investment and four sites it wholly owns, has made Ebitda of £609,000 in the most recent full year. He said: “We are not a stagnant company – we have a pipeline of new sites that will come online during the course of the year.” A new site in Cheltenham is due to open in mid-November, and the company re-opened Oceana, Wolverhampton at the start of this month. A spokesman added: “The discontinued operations represent sites that we have subsequently exited in 2013 and their costs will also be reflected in the 2013 accounts. However, agreements have now been concluded with all landlords.”

Realpubs founders to launch new company: Nick Pring and Malcolm Heap, who sold Realpubs to Greene King for £53.1m, are looking to buy up to ten pubs in London as they plan to launch a new company that will seek to evolve the Realpubs premium offer. The business partners left Greene King at the end of April, and a six-month non-compete clause elapsed this week. Pring told Propel: “We would like to pick up a package of pubs to get us started – a group of between six and ten pubs would be ideal. We will be looking at everything, including free-of-tie commercial leases and tied leases. There are lots of opportunities out there. If it’s not possible, we are happy to go the route of cherry-picking pubs in ones and twos. We are starting a new company and we’re chomping at the bit to get going. We’re looking to get the property pipeline moving, and trading by February or March next year.” Pring said the new company, which is without a name at the moment, would focus on London: “It’s about being able to get around them on my bike,” he said. “We’ll be looking to create an evolution of the Realpubs offer.” Pring and Heap are already directors of London Ordinaries, a company led by Michael Buurman that runs two pubs. It has won rave reviews for its second opening, the Crooked Billet in Upper Clapton, East London, an Enterprise Inns free-of-tie lease. The company has built an outside bar to cope with customer numbers. The Crooked Billet re-opened as a “drinking pub” as compared to the company’s other pub, The Empress of India in Homerton, East London,, a pub acquired from Tom and Ed Martin’s ETM Group in March 2011, which is more food-focused. Pring said: “We’re involved in London Ordinaries at a distance.” The acquisition of Realpubs in 2011 by Greene King has been a success, with the first site outside of London, the Anchor in Cambridge, converted to the premium format this month. Industry sources have even suggested that Greene King will attempt to use its Realpubs format in transport hub sites in the future. On Greene King, Pring said: “We still have a very good relationship with Greene King.” Last month, Propel reported that Heap, who will be spending several weeks this winter following the Ashes in Australia, has become chairman of the London brewery Truman's, which has opened a site in Hackney Wick. James Morgan, managing director of Truman's, which has taken the name of a former London brewery that closed in 1989, said at the time: “With Malcolm’s arrival, we have the team to make Truman’s a great name in British brewing once again. Malcolm’s industry experience is immense and, most importantly, he shares my passion for Truman’s and everything that it stands for.”