Paul UK reports 6.3% rise in like-for-likes in 2015: Paul UK, the 34-strong French bakery and cafe brand, has reported turnover up 17% to £28.7m in the year ended 31 December 2015. Group Ebitda (before head office costs and management fees) rose 49% on the previous year and sales climbed up 6.3% on a like-for-like basis. Four new bakeries opened: in Newbury, Three Quays (adjacent to the Tower of London), Marble Arch and Birmingham’s Grand Central Development. The brand’s second restaurant format and biggest opening of the year was Le Restaurant De Paul on the ground floor of Tower 42 in the City. In November 2015, Paul adopted the £7.20 living wage five months ahead of the April 2016 deadline. A further three bakeries are planned for 2016. Nine refurbishments are planned for 2016 as part of an intensive three-five-year refit programme designed to enhance the overall customer experience and improve efficiency. Chief executive Jean-Michel Orieux said: “We are delighted with this extremely strong performance. The improvements and controls put in place from mid-2013 have continued to deliver a better trading result for Paul. Our like-for-like revenue growth of 6.3% is above market trading and we continue to expand, meeting our target of three stores this year. Our early adoption of the Living Wage shows our commitment to the team, whose hard work and passion for artisanal bread and delivering a premium product is evident in our results.”

Greggs reports ‘strong start’ to year with like-for-likes up 3.7%: Greggs has reported a “good start” to its financial year with total sales up 5.7% in first 18 weeks of 2016 (2015: 5.9%). Company-managed shop like-for-like sales in the first 18 weeks up 3.7% (2015 comparator period: 6.0%). 55 shop refits were completed with 43 new shops opened, 21 closures. Breakfast, hot sandwiches and ‘Balanced Choice’ options are driving growth The company stated: “Total sales for the 18 weeks to 7 May 2016 grew by 5.7% and like-for-like sales in company-managed shops grew by 3.7% over the same period. As has been widely reported, conditions on the high street were softer in March before recovering in recent weeks; these conditions were reflected in our own performance. The improvements made to our shops and our product range continue to drive growth in sales. Our hot sandwich range and extended breakfast menu have proved particularly popular and the introduction of our flat white coffee is helping to continue our delivery of double-digit growth in sales of hot drinks. We have extended our fresh fruit offer and have been encouraged by trials of our upgraded range of salads, which are freshly prepared in store and now available nationwide. All salads meet our balanced choice criteria and include some innovative new products such as Teriyaki chicken noodle and falafel with houmous. In the first 18 weeks we completed 55 shop refurbishments and in total will refit around 200 shops this year. These transformational investments continue to drive incremental sales growth as customers enjoy the improved shopping environment and additional facilities such as seating. In the year to date we have opened 43 new shops, including 23 franchised units in transport locations. We closed 21 shops, giving a total of 1,720 shops trading at 7 May (comprising 1,592 company-managed shops and 128 franchised units). Our shop openings continue to focus on new food-on-the-go locations and the relocation of existing shops to support further growth. In March we opened our first company-managed shop in Northern Ireland, at Boucher Retail Park in Belfast. The shop is trading well and in the next few weeks we will open our first unit in central Belfast. At the time of our preliminary results in March we announced that we would be entering into consultation with trade union and employee representatives to consider proposals to close three bakeries as part of a proposed £100m investment programme in our manufacturing and distribution operations. The formal collective consultation on our proposals has now ended and we are progressing with our plans to close the three bakeries involved. The smallest site at Sleaford is now being closed and we expect to close our Twickenham bakery in the fourth quarter of 2016 followed by Edinburgh in the second quarter of 2017. Our people impacted by these proposals have demonstrated their commitment and professionalism during a difficult period and our focus now is to work with them individually to ensure that we manage these changes in line with Greggs’ values as a responsible employer. Alongside these closures we will continue to develop our plans to invest in our remaining supply chain network over the next five years in order to create centres of excellence serving our growing shop estate. We have made a good start to the year. Input cost inflation remains low despite increased wage costs and, with a strong pipeline of product initiatives and plans to invest in our shops and supply chain, we expect to make progress in line with our previous expectations.”

Heartstone Inns reports sales up 27% in 2015: Heartstone Inns, the managed pub operator of quality freehold food-led pubs, has reported sales rose 27% to £8.2m in the year to December 2015. is pleased to announce its results for the year ended December 2015. Excluding the impact of acquisitions true like-for-like sales improved by 3.8%, the seventh year of successive growth. Pub Ebitda improved by 33% to £1.36m which represented an increasing and healthy operating margin of 16.6% compared to 15.8% in 2014 and 14.0% in 2013. This continued financial growth has enabled the company to declare its maiden dividend for the year ended December 2015. Heartstone invested £1.9m in the estate in 2015. In addition to acquiring the Anchor Inn the company also completed an extensive development of the Woodborough Inn in Somerset along with several smaller projects across the estate. Heartstone entered into a new HSBC loan facility of up to £8m during 2015 which provides the company with a significant amount of additional capital which will be used to expand and develop the estate whilst keeping gearing levels modest, as at December 2015 gearing was at 19.4%. Already this year Heartstone is on the verge of completing an extensive bar, restaurant and rooms development at the Cockhaven Arms in Devon (a pub acquired in November 2014) whilst further pub developments are planned for the next 12-18 months. Heartstone started the year with 11 pubs and ended the year with 12 having acquired the Anchor Inn in Monmouthshire in September. The Anchor Inn is an extensive property which occupies an enviable site with significant development potential next to Tintern Abbey and the river Wye in the village of Tintern. Heartstone owns the freehold of all 12 pubs. James Birch, managing director of Heartstone Inns, said: “We are delighted to announce such positive results and to have delivered further operational improvements during 2015. We look forward to continuing the expansion and development of the estate during 2016 and beyond.”

Conviviality adds board members: Conviviality, the UK alcohol wholesaler serving consumers through the on-trade and through its franchise retail estate, has added Jennifer Laing to the board as a non-executive director. The company also announces that Mark Aylwin is joining the board as managing director Conviviality Direct. Both of these appointments are with immediate effect. The company stated: “Jennifer brings extensive brand and marketing expertise to the Board, having spent over 30 years in the advertising industry. She is currently non-executive director and chairman of the remuneration committee of Premier Foods plc, where she has been for four years. Jennifer retired from the Board of InterContinental Hotels Group plc on 6 May 2016, where she was a non-executive director for ten years. She has recently become a Trustee of the IHG Foundation, an independent charity that works to set the foundations for stronger, healthier, more prosperous communities around the world. Jennifer spent 16 years with Saatchi & Saatchi, most recently as chief executive officer and chairman of North America and prior to this, was chairman of the London office. She is a fellow of the Marketing Society and the Institute of Practitioners in Advertising and was, until May 2014, a non-executive director of Hudson Global Inc. Mark joined the group in January 2016 as managing director of Matthew Clark, having worked in the food and drinks industry for over 35 years, holding senior positions with a range of organisations including Booker Group Plc, Blueheath Plc, Safeway Plc and Musgrave Group. The directors believe that Mark has been instrumental in helping the group realise benefits from the Matthew Clark acquisition and it is anticipated that he will continue this work as we complete the acquisition of Bibendum PLB, which is conditional on the company’s general meeting on 19 May 2016, as announced on 3 May 2016.”