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Thu 16th Oct 2014 - Propel Thursday News Briefing |
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Story of the Day:Coffer Peach – pub and restaurant like-for-likes rose 2.2% in September: Restaurant and pub groups enjoyed the benefits of September’s Indian summer sun, with collective like-for-like sales up 2.2% on the same month last year, according to latest Coffer Peach Business Tracker data. It was the sector’s 18th consecutive month of positive growth. Peter Martin, vice president of CGA Peach, the business insight consultancy that produces the Tracker, in partnership with Coffer Group, Baker Tilly and UBS, said: “Pubs in London and restaurants outside of the M25 were the strongest performers, with like-for-likes up 4% and 4.8% respectively. September’s warmer weather was a welcome bonus after a colder than average August had seen like-for-likes up a more modest 1.3% across the market.” Total sales, which reflect the effects of new site openings, were up 5.2% on September 2014. Martin said: “Although the better than expected late summer weather helped the market, we are also seeing steady, consistent growth in eating and drinking-out, which now stretches back 18 months. Looking at the underlying trend, the 28 companies in the tracker sample together recorded year-on-year sales for the 12 months to the end of September 2.7% up on 2013. Eating-out frequency also remains healthy, with the Peach BrandTrack consumer survey showing that 42% of the GB adult population eats out at least weekly, rising to 58% of 25-34 year-olds.” Drink-led bars and pubs outside London remain the weakest part of the market, the data shows, with like-for-like sales essentially flat in September. “Branded casual dining chains, however, are a major driver of growth outside London,” Martin said. “Total sales for the restaurant groups in the sample grew 11.6% outside the M25, buoyed by continuing brand roll-outs. Like-for-like performance is also improving as chains revamp existing sites and are more willing to shed poorer sites.”
Industry News:Eataly confirms September 2016 opening in London in a joint venture with Selfridges: The Italian upmarket food chain Eataly plans to open its first London food hall in September 2016 in a joint venture with Selfridges, its chief executive said. The chain also plans a stock market listing in 2017. Reuters reported that Eataly's chief executive, Luca Baffigo Filangieri, announced the proposed Selfridges deal at the Luxury & Finance investor conference organised by the Italian stock exchange. Baffigo Filangieri, outlining the fast-growing company's ambitious expansion plans, said: "I'm very excited about this: we're opening in London in September 2016 at Selfridges on Oxford Street," declining to give further details. Baffigo Filangieri added that Eataly, founded by the Italian entrepreneur Oscar Farinetti, expects to increase sales at a double-digit rate this year to about £275m with ebitda climbing to €100m to €150m by 2017 from about €40m to €45m at the end of this year. "But more important than numbers is that we want to list once we're present in all major cities around the world," Baffigo Filangieri said. Eataly opened a flagship store in Milan in March and aims to boost the revenues its retail business reaps outside Italy to 70% of the total over the next few years. Baffigo Filangieri said the company plans to open stores in Sao Paolo, Moscow, New York and Seoul next year, the last through a partnership with Korea's Hyundai department store.
Social media has aided the rise of the ethical consumer: Nottingham University professor Helen Woodruffe-Burton has argued that the advance of social media has aided the rise of the ethical consumer. She said: “The big thing is the internet and social media. Consumers are more vocal and more sophisticated in the information they have access to than ever before. In days gone by what would you do? Go to the shop, perhaps, and then write a letter that might or might not be acted upon. Now you can tweet and leave messages on social media and, if you catch people’s attention, it can go international. We are seeing a very fast acceleration in this way of making a point. It’s always been there, but now there is more consumer concern about production and manufacture. The rise of the so-called ethical consumer is a result of the internet and social media.”
Sector to meet in Scotland to pledge job creation for 16 to 24-year-olds: Representatives from more than 75 Scottish businesses will meet at the Marriott Hotel in Glasgow on 22 October to pledge job opportunities, apprenticeships and work placements for young job seekers and the long-term unemployed in The Big Hospitality Conversation. Hospitality and tourism makes up some 15% of the Scottish workforce and estimates suggest that the industry is set to grow significantly in the next five years. The Big Hospitality Conversation is a nationwide campaign and joint initiative between the British Hospitality Association, Springboard, Believe in Young People, Barclays, Business in the Community, People First, and the Department for Work and Pensions. It offers a commitment to creating job opportunities for 16 to 24-year-olds. So far, 34,000 UK jobs have been created at events like the one at Glasgow Marriott and the aim is for the hospitality industry to create up to 60,000 jobs for young people by 2016. Patrick Dempsey, chairman of the Big Hospitality Conversation and managing director of Premier Inn, said: "Hospitality is a vibrant, growing industry with a lot to offer. There is a huge pool of talent in the 16-24 age group and we are committed to helping raise awareness among young people that are unemployed, not in education or training, offering significant opportunities for them to join and develop their careers within the hospitality industry. We will train young people, provide them with qualifications and long-term prospects within a sustainable and thriving industry.”
BBC claims Finnish government to support minimum pricing in Scotland: The Finnish government is set to give its support to the Scottish government in a controversial court case over minimum pricing levels for alcohol, BBC Scotland has reported. Finnish officials will present papers to the European Court of Justice in Luxembourg this week. The papers will back the Scottish government in a case being brought by the Scotch Whisky Association (SWA). The Finnish ministry of health said the issue was a "question of principle". Legislation to bring in the Scottish government's alcohol price plan was passed by Holyrood in May 2012, but legal challenges have prevented the policy from being implemented.
Company News:Laine Pub Company makes first acquisition since Risk Capital investment: Laine Pub Company, the operator of 45 pubs in Brighton and London led by Gavin George, has made its first acquisition since Luke Johnson’s Risk Capital Partners took a stake in the early summer. The company has taken an assignment of the lease on the Old Nun’s Head in Nunhead Green, South London, between Peckham and Dulwich. Punch Taverns is understood to have granted a free-of-tie option on the site to Laine. George told Propel: “The previous lessees, a husband-and-wife team, have done a brilliant job creating a great community pub. It’s quite quirky and eclectic - very ‘us’. In the short term we’re going to trade it as it is. It’s got a great community feel in a really cool area of London.” The new site is Laine Pub Company’s eighth pub in London and comes after the opening on the Four Thieves in Battersea, South West London three weeks ago. George said the Four Thieves was trading "really well", while the trading over the summer in Brighton, where the majority of the estate is located, had been "excellent".
Anglian Country Inns to launch coffee, bagels and shopping concept: The Award-winning Anglian Country Inns, led by James Nye, is to launch a grab-and-go coffee and bagel bar on the ground floor of its Hermitage Road Bar & Restaurant in Hitchin, Hertfordshire. The company already operates a coffee bar at the site but is now adding an extra 30 seats. Hermitage Road Coffee & Bagel Bar, "Hermitage Road On The Go", will open its doors next week (Friday 24 October). The extra seating will also incorporate a retail shopping offer, "Hermitage Road & Co", headed by Ellene Nye, selling interior accessories, furniture, homeware, lighting and gifts. Kevin Nobes, general manager at Hermitage Road, said: ‘We are very excited to have the opportunity to expand our award winning coffee bar with the launch of Hermitage Road Coffee & Bagel Bar. We aim to provide quality, great value for money food and drink ‘on the go', coupled with a relaxed environment to enjoy our delicious cakes, pastries and other delights while customers shop.”
McDonald’s UK to serve five crowd-soured burgers: McDonald’s UK has introduced five new crowd-sourced burgers to its menu to celebrate the winners of its My Burger competition. Each week, beginning 15 October, a new burger is added to the menu, starting with "The Big Uno", created by Tammy Rose from Sittingbourne, Kent and including beef, cheese, bacon, red onion, lettuce, ketchup and mayo. Alistair Macrow, senior vice-president and chief marketing officer at McDonald’s UK, said: “This is the first time we have given our UK customers the unique opportunity to design their own beef burger, for the chance to appear on our world-famous menu. We have been overwhelmed by the public’s response. The five burgers that have made it onto our menus look and taste fantastic and I hope our customers will enjoy trying them out too.” The TV advert for My Burger’s winning burgers has been developed by the ad agency Leo Burnett and will be broadcast from Tuesday 14 October until Saturday 15 November alongside digital and radio advertising.
Stonegate Pub Company reports losses in latest financial year: Stonegate Pub Company, which is owned by the private equity firm TDR Capital and operates around 600 pubs across the UK, including outlets under the Yates's, Slug and Lettuce and Scream brands, has moved into the red after a £14m drop in revenue in its latest financial year, Insider Media has reported. According to accounts published at Companies House, revenue for the year ended 29 September 2013 was £470.3m, down from £484.3m in the 53 weeks to 30 September 2012. An increase in selling and distribution costs, administrative expenses and exceptional costs contributed to the decline in profitability. The company posted pre-tax losses of £10.2m, a turnaround from a pre-tax profit of £14.6m the year before. TDR Capital acquired an estate of 330 pubs across the UK from Mitchells & Butlers in November 2010. In June 2011, Stonegate merged with Town & City Pub Company. On 12 August 2013, Stonegate purchased 13 Living Room sites from PBR Leisure and on 15 November 2013, the group purchased 78 sites from the administrator of the Bramwell Pub Company.
Orange Tree converts Leicester outlet to craft beer venue: The seven-strong East Midlands independent pub group The Orange Tree has revamped its Obar in Braunstone Gate, Leicester, to create a specialist craft beer venue. The bar now has one of the most extensive craft beer selections in the city, with more than 20 different bottles, 14 beers on draught and two ales. The range includes beers brewed by local breweries, as well as craft ales and beers from as far away as Iceland and the United States. It has also begun offering a new bar menu created by the Smokehouse restaurant above the Obar, which opened permanently earlier this year having initially launched as a pop-up venue. The Obar was opened in 2001 as the Orange Tree Group’s third venue. The company also operates the Orange Tree in High Street, Leicester, the Lansdowne in London Road, Leicester and the late-night venue The Basement in Wellington Street, Leicester, as well as the Orange Tree and the Kelso in Loughborough, and the Orange Tree in Nottingham. Director Ben Hings, who runs the group with Gareth Smith, said: “Innovative flavours of beer developed by breweries have become very popular with beer connoisseurs and bar-goers in general, and we’ve worked hard to create a range that we hope will appeal to drinkers in the Braunstone Gate area, and will also encourage people to come from other areas of the city to try the craft beers.
FrogPubs to open eighth site in France: FrogPubs, the operator of British brewpubs and restaurants in France led by Paul Chantler, is to open an eighth site next week. The Revolution opens in Paris on 24 October. The company currently operates five sites in Paris, one in Toulouse and one in Bordeaux. It produces more than a million pints of beer (5,700 hectolitres) a year, which are consumed in its pubs. Is self-brewed range includes English bitters, lagers, wheat beer, ginger beer, spicy beers and fruit beers.
Blue Group to re-open former Young’s site as gastro-pub: Blue Group, owned by businessman Stephen Andrews, is to re-open a former Young’s pub, on 14 November as a gastro-pub. The Riverside Inn, in Victoria Road, Chelmsford, Essex is the company’s fifth acquisition. Blue Group also owns the Blue Bridge in Writtle, the Blue Anchor in Feering, the William B in Hatfield Peverel and the Blue Boar in Abridge.
Harris & Hoole founder – new Tesco boss is very supportive: The founder of the coffee chain Harris & Hoole has said that the new Tesco chief, Dave Lewis, has been supportive of plans for the coffee chain despite the turmoil at the grocer. Nick Tolley, chief executive of Harris & Hoole, in which Tesco has a large stake, said he had met Lewis, who is a “regular at our Twickenham branch”, and “he was supportive [of the business] and wanted to find out about our plans and what we want going forward”. Tolley told Retail Week: “As traumatic as the recent events have been [at Tesco], as a business they have a tremendous amount of capability, their knowledge is unparalleled, they have been very supportive. While he [Lewis] has a very big ship to turn around, the sound strategic reasons for them to partner with us are still there. The challenges haven’t changed. It’s business as usual for us. It’s a relationship with great value for us, they are an intuitive partner.”
Former Take That manager sells Manchester nightclub: Former Take That manager Nigel Martyn-Smith has sold his Manchester nightclub Essential. The venue is to be converted into a cocktail bar by unnamed new owners. Martyn-Smith said: “Essential has been there for 14 years now, which is pretty impressive really, as most nightclubs have a shelf life of around five to eight years. These things go in and out of fashion, and while we were hoping Essential might come back into fashion, it’s time for someone new to come in now. I know the new guys have some exciting plans for the place, to turn it into an upmarket cocktail club. It’s the end of an era for me, but we’ve had a great time, ever since Kylie did our launch party back in June 2000.”
Martin Wishart to open fourth site, Honours, in Malmaison Glasgow: Martin Wishart, of the Michelin-starred Cameron House Hotel in Loch Lomond, and the self-named Restaurant Martin Wishart in Leith, Edinburgh, is teaming with Malmaison Glasgow to open the second The Honours restaurant for the hotel group as part of a multi-million pound hotel refurbishment. The Honours Glasgow will mark Wishart’s fourth venture and the second bearing The Honours name, joining his Edinburgh Brasserie, which opened in July 2011. Wishart said: "I am delighted to bring the Honours Brasserie to Glasgow. This is a new and exciting venture with the Malmaison Group, which I believe will further enhance Glasgow’s already growing reputation for great food and hospitality. I have been looking for over a year for the right location for The Honours. Paul Tamburrini and I have always wanted to bring our concept to Glasgow, working with the Malmaison group is the perfect opportunity and we are really looking forward to opening.” The 106-cover restaurant in the Malmaison Glasgow offers traditional and modern French cuisine. Malmaison’s chief executive, Gary Davis, said: ‘We are continually looking to innovate the guest experience at Malmaison so when we began planning the Glasgow refurbishment, transforming the Brasserie was high on the agenda. The Honours is a great fit and we are expecting great things from this partnership with Martin Wishart."
Mitchells & Butlers to convert Irish pub to Nicholson’s brand: Mitchells & Butlers is to convert its O’Neills city centre pub in Cardiff to its Nicholson’s pub brand. It is understood the change will happen before Christmas. A spokesman for Mitchells and Butlers said: “I can confirm that the O’Neill’s on the Hayes will be converting into a Nicholson’s. I don’t have any dates of refurbishment as yet though.” The first Nicholson’s pub was opened in the UK in 1873. The brand offers "the very best in British real ales" and "restaurant style service in one of our destination dining rooms".
Hakkasan Group unveils new Las Vegas nightclub: Hakkasan Group, which derives a third of its revenue from its UK restaurants, is to open a new nightclub in Las Vegas called Omnia, which is set to open in spring 2015. The 75,000 sq ft club is at Caesars Palace in a space formerly trading as Pure. Nick McCabe, president of Hakkasan Group, said: "Pure was really the first 'celebrity' venue to exist in Las Vegas, which traded on our desire to be in the proximity of famous people. Now that social media offers us almost unfettered access to celebrities, nightclubs have moved in a different direction and our customers seek valuable experiences in the form of performances. Omnia will be a very performance-focused venue." The multi-level club will feature a main room, an “ultra-lounge”, and mezzanine and rooftop garden with spectacular views of the Strip.
Steak of the Art secures second site: Steak of the Art has secured its second site, a 150-cover restaurant that will serve steaks alongside an art gallery in Helmont House, Churchill Way, Cardiff. The 4,200 sq ft restaurant comes after the first opening in Bristol 12 months ago. Work to fit out the new venue has now started with plans to open in the new year. Chef and owner Steve Bowen, who studied at Leith’s School of Food and Wine in London, said: “We’re very pleased to have signed the lease and hugely excited about bringing our vision of dining to Cardiff. Steak of the Art will be a place where people appreciate good food in an unpretentious way and we’re now working hard to get the restaurant ready to open in the new year. We insist that all our main ingredients have good provenance and amazing quality and the Cardiff restaurant will be no different."
Greene King to open latest Farmhouse Inn in Grimsby next week: Greene King is to open its latest Farmhouse Inn and Carvery site, called Beechwood Farm, at Europarc in Grimsby next Monday (20 October). The pub-restaurant, built over the summer at the entrance to Europarc, just off the A180 junction, is the first aspect in the "village" facilities being brought forward at the privately owned business park. Wykeland, the Hull-based developer and property manager, secured a £500,000 loan from the Humber Local Enterprise Partnership to kick-start the ground works and services to the greenfield site, on what is the first extension to Europarc in several years. Peter Hebblethwaite, Farmhouse Inns' business unit director, said: “Farmhouse Inns has earned a reputation for serving much-loved carveries, cask ales and homemade cakes and this restaurant is no exception. It complements the other new arrivals at Europarc and we are pleased to have created around 80 new local full and part time jobs by opening here.”
La Sala secures second UK site: The Spanish restaurant chain La Sala has secured an unnamed second UK site, chairman James Horler told attendees of the company’s first opening in Chigwell , Essex on Tuesday night. La Sala’s first opening in Woodford Green is on a site previously occupied by the White Hart Inn. The new venue will base its menu and dining experience on the flagship La Sala restaurant in Puerto Banus, Marbella. Investors include Tottenham Hotspur midfielder David Bentley,
Marco Pierre White sells Swan, Lavenham: Marco Pierre White has stepped away from the Swan Inn in Lavenham, Suffolk three years after moving in, according to The Times. The newspaper reported: “His troubles began within days when he threw out lager and cider because he claimed it attracted the wrong kind of clientele. It is the second time in two months the chef has had to sell a country establishment. In August, he sold the Pear Tree in Wiltshire.” The new unnamed owner has promised the Swan will go back to being a country pub.
Whitbread extends bank facilities until November 2019: Whitbread has announced that, with the agreement of all its banks, it has exercised the first of two options announced in January, when it extended the maturity of its £650m syndicated bank facility to 4 November 2018, to extend the maturity by a total of two years with the consent of the banks. The maturity is now 4 November 2019.
Thai concept secures second site: The Population and Community Development Association (PDA), a non-profit organisation, has secured the site for a second UK restaurant in Cheltenham through the property agent Fleurets. The Cabbages and Condoms restaurant will launch at 44-48 St James’ Street in Cheltenham, Gloucestershire in late November. The venue has 150 covers over two floors. Cabbages & Condoms is a Thai restaurant and resort group based in Bangkok, Thailand. It is owned and managed as a social enterprise by PDA, one of Thailand's most well-established and diverse non-government organisations. The aim of Cabbages & Condoms is to offer healthy food together with healthy sexual advice. Cabbages & Condoms Restaurant operates as a “business for social progress” and its profits support the PDA. Founded in 1986, it is intended to generate income to support various social development activities of the PDA such as programmes in primary health, education, HIV/Aids prevention, environmental protection and so on. Chris Irving, divisional director at Fleurets Bristol, said: “The venue is in central Cheltenham and offers an ideal location for the restaurant. I am confident that the city will welcome this new operator as well as its cause.” The first UK Cabbages & Condoms restaurant opened in Bicester, Oxfordshire, in 2012.
Oak Taverns to re-open pub with smokehouse barbeque menu: Oak Taverns, the multi-site operator led by Simon Collinson, is to re-open the Bull pub on London Road, Apsley, Hertfordshire as the Spotted Bull with an American lounge-style bar and a smokehouse barbeque menu, offering everything from burgers to pulled pork. The Spotted Bull will host a selection of craft beers, as well as what is thought to be the town’s most comprehensive gin and whisky list. It is also hoped that a cinema-style area can be made using a projector screen, for use in theme nights and for family-friendly films on a Sunday afternoon.
Community-owned pub opens cafe and will serve school dinners: The King’s Arms in Shouldham, West Norfolk’s first community-owned pub, has opened a cafe. Landlord Ian Skinner said: “The cafe is a great addition to our offer, it means that it can be open when the pub is not and means that we can always offer a welcoming space for people no matter what day or time. Thanks must again go to the volunteers who have helped get the cafe ready.” Volunteers have rallied to decorate, lay floors and build counters to enable the cafe to open. It will be staffed by volunteers and will open outside pub trading hours, serving breakfasts, cakes and pastries alongside teas, coffees and other refreshments. The pub will also be serving school dinners to the village school from January.
New Italian concept opens in Bishop’s Stortford: A new Italian restaurant concept, Unico, has opened in the former Drill Hall in the Market Square in Bishop's Stortford, Hertfordshire. The family-owned restaurant has an open kitchen so people can watch the food being prepared and a Marana Forni pizza oven. Pizza dough is being made fresh on the premises. The family behind Unico previously had a restaurant in Epping, Essex but sold it.
Boclair House to be converted to boutique hotel after sale: Boclair House, Bearsden, Glasgow, the 123-year-old Grade B listed building formerly used by East Dunbartonshire Council as its educational department headquarters, is set to be redeveloped as a luxury boutique hotel. Graeme Todd, a partner at the chartered surveyor DM Hall, which was appointed by the council to manage the transaction, said: “It has been a long process with a great many interested parties and a range of competing proposals, but I believe, ultimately, that the council has opted for the best possible option.” The buyer, WPH Developments/Westpoint Homes, plans to undertake a residential development of nine four, five and six-bedroom luxury detached homes on the site to the rear of the building, while Boclair House itself is to be converted into a boutique hotel. Subject to final planning permission, the Manorview Hotel and Leisure Group which already operates six boutique hotels across Scotland’s central belt, has advanced plans to make it an upmarket destination venue for Bearsden.
Domino's and Subway to take slots at Cornish retail park: Domino's Pizza and Subway are to open stores in the Camborne Retail Park at Pool, west Cornwall next year, with the park's owner, Canynge Bicknell, saying there was space for up to three more fast food shops. The new outlets will take up a total of 5,000 sq ft on the corner of the retail site near A3407 crossroads. Domino's Pizza Group said: "We've identified Pool as having great potential for pizza. Opening a store in the town will generate 25 to 35 jobs for local people early next year." Kevin Graham, Subway's regional development agent, said: "We are delighted to confirm that we are looking to bring Subway to Pool in early 2015." The takeaway units will have their own car park of 22 spaces, but Canynge Bicknell predicted that most customers would walk there as part of a shopping trip to the park. Adrian Whicheloe, from Canynge Bicknell, said: "We've had lots of to-ing and fro-ing with the [Cornwall Council] highways department and the Highways Agency. There's not going to be much more traffic, as lots of people will be walking there." The two chains will join the nearby McDonald's drive-through restaurant in competing for trade from the students at the nearby Cornwall College campus.
Simon Rogan – Manchester’s restaurants not good enough for a Michelin star: Chef Simon Rogan has admitted Manchester’s dining scene is "not good enough" to win a Michelin star. Rogan's restaurant, The French, was tipped to win a Michelin star when the latest guide was published last month, but was ignored. Rogan told Manchester Matters: “I think the restaurants we have in Manchester at the moment are just not good enough, simple as. I really thought we’d achieved it this year because the team were doing an amazing job. I felt sure the consistency was there but obviously we’ve done something wrong along the line and you just have to take it on the chin and try harder.”
Lap-dancing clubs avoid complete Cheltenham ban: Lap dancing clubs have avoided an all-out ban in Cheltenham, but have been limited to operate in the town centre away from residential areas. Cheltenham Council looked at the issue after complaints when the town's first club opened this year. Cabinet member Andrew McKinlay said: "There was an amendment to ban lap dancing clubs across the town, which was lost by 19 votes to 18." Venues will still need to apply for licences from the council.
Comedians meet to discuss forming union to combat slow-paying comedy clubs: Comedians have met to discuss the idea of forming a union to fight against comedy clubs who hold up their payments. More than 100 club-level stand-ups staged a meeting in central London, sparked in part by long-running problems in getting money from Jongleurs, Britain’s largest employer of comics outside the BBC. No firm plans were set down, and it was also proposed that the association may take the form of a pressure group more than a formalised trade union. It is not the first time comedians have planned to start a union; but an attempt in the 1980s collapsed after two meetings "for reasons of factionalism and cynicism". The meeting proposed establishing a code of practice for the industry to curb the unacceptable behaviour of audience, promoters and other comedians. Resentment against Jongleurs was palpable, with the chain’s slow payments and lack of honest communication with comedians cited.
7-Eleven owner buys Starbucks sites in Australia: Starbucks' struggling operations in Australia have been taken over by the 7-Eleven chain. The coffee chain has 24 stores in Australia. The Withers Group, with 600 7-Eleven outlets, bought the Starbucks licence for an undisclosed amount from its US parent company. Withers Group's chief executive, Warren Wilmot, said: “Our aim will be to make Starbucks the most successful coffee chain in Australia. Our intention is to capitalise on the skills of the broader Withers group of companies in successfully bringing an international brand to Australia, and adapting it to suit the local market.” The Withers Group will run the Starbucks stores independent from 7-Eleven locations. In 2008, Starbucks closed 60 outlets in Australia and laid off approximately 700 employees.
Eden Project raises £1.5m in less than 24 hours: The Eden Project, the Cornwall-based visitor attraction that claims to be the world's largest "rainforest in captivity", has broken the record for the quickest Crowdcube mini-bond raise. The Eden Project Bond attracted investment from 355 people, raising a total of £1.5m in less than 24 hours.
Frankie & Benny's wins late-night licence despite residents' campaign: A Frankie & Benny's outlet due to open on a shopping park in Theobold Street, Borehamwood, Hertfordshire later this year has had its application for a licence to sell alcohol until 11pm on Monday to Thursday and until 11.30pm on Friday and Saturday approved by Hertsmere Council, despite a campaign by people living nearby. The residents wanted the restaurant to shut at 8pm, in line with other shops in the shopping park, which include Debenhams, Marks & Spencer and Argos. One resident, Norma Yantis, speaking at a meeting of the council's licensing committee at the civic offices in Elstree, said seven families in the street have children, who would be woken up by loud sounds coming from the restaurant. She said: “The distance of some of the homes is under 120 feet, so we feel our complaint for noise is justified.”
Domino’s US reports 14th quarter of like-for-like growth: Domino’s has reported that like-for-like sales at its restaurants in the United States rose 7.7% in the financial third quarter ending 7 September, the 14th straight quarter of domestic comparable growth for the pizza chain. Patrick Doyle, chief executive of Domino’s Pizza, said: “It’s the best quarter comps we’ve had since the relaunch” of the pizza recipe in 2009.
Caffe Nero sees rise in sales and ebitda: The coffee shop operator Caffe Nero Group has reported turnover growth of 8.8% to £222.4m in the year to 31 May 2014, with like-for-like sales up 2.7%. The company opened 36 stores and closed five, a net increase of 31 stores or 5.7% of the overall estate. Caffe Nero has 548 sites operating in 247 UK towns and cities. It said it believed there was potential in the UK for at least 750 Caffe Nero stores, or 27% more than at present. A total of 40 new stores will open this year. Store margin improved slightly at 24.4% (2013: 24.1%). Ebitda rose by 9.2% to £38.1m (2013: 34.9m). Ebitda margin remained unchanged at 17.1%. Store profit increased by 10.4% in the year. The company said: “The group was able to grow ebitda by £3.2m (9.2%) due to the continued expansion of stores, maturity of younger existing stores and careful cost management in the business.” Profit before tax increased by 11.4% to £23.5m (2013: £21.1m). Caffe Nero has begun an expansion into Ireland and the United States. The highest paid director earned £437,000 and the company employs 3,887 staff in the UK.
Masala World operator reports turnover and profit rise: MW Eat, the operator of Masala World, has reported pre-tax profit of £2.4m in the year to 30 March 2014, up from £2.06m the year before. Turnover rose to £20.47m from £19.07m the year before. The company paid a dividend of £2.8m.
Heineken recognised as climate change leader: Heineken has been recognised as a world leader for both transparency and corporate action on climate change by CDP, an international NGO that is world's largest publisher on corporate climate change information. Heineken has been included as a member of "The A List: The CDP Climate Performance Leadership Index 2014". The index features 187 global listed companies demonstrating a "superior" approach to climate change mitigation. Climate performance leaders of the A List index are actively investing to reduce their greenhouse gas emissions and collectively have decreased their total (absolute) emissions by 33 million metric tons in the past reporting year. Company disclosures to CDP are marked out of a total of 100 after independent assessment against CDP's scoring methodology. Heineken achieved a score of 99, elevating the company to the top 10% of organisations and guaranteeing it a place on the leadership index. Sean O'Neill, Heineken's chief corporate relations officer, said: "We are proud to be recognised as a world leader for both transparency and action on climate change by CDP. To be included in the top quartile for each category is testament to the progress we are making in relation to 'brewing a better world', our global approach to sustainable development, and to the commitment of our employees, who continually raise the bar on our performance."
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