Park Chinois reports loss of almost £6m: Park Chinois, the Chinese restaurant in Mayfair from Wagamama founder Alan Yau, made a loss of almost £6m in its most recent full financial year, which included its first five months of operation. Accounts filed at Companies House showed Park Chinois, which opened in Berkeley Street in November 2015, made an operating loss of £5,822,805 for the year ending 26 March 2016. Interest charges brought the total pre-tax loss to £5,964,885 (2015: £2,782,310). It reported turnover of £2,643,427 during the period. The company has estimated losses of £11,572,395 (2015: £5,687,267) available for carry forward against future trading profits. Wages and salaries during the most recent year amounted to £3,124,855, with staff numbers, including directors, totalling 102. In early 2017, an entertainment programme was introduced together with afternoon tea. Last year Yau, who described the venue as “not really a restaurant, more like an entertainment project”, revealed he spent more than £30m on Park Chinois. The restaurant occupies 15,200 square feet and seats 300 for dinner, with room for 50 at the venue’s two bars. Evening Standard restaurant critic Fay Maschler gave Park Chinois a three-star rating, although the duck received the maximum five stars. Previously, Propel has reported three other concepts founded by Yau are loss-making despite high levels of turnover. The Duck and Rice, the classic Chinese food in a pub concept, took £80,000 a week in its first full year but lost £1.8m. Latest accounts for Asian fusion noodle bar Cha Cha Moon showed it managed to reduce its losses in 2015, the year before owner Kout Food Group sold the lease on the site back to its landlord. The accounts showed turnover was up 2% to £2,029,000, while its operating loss reduced to £386,000 from £587,000 the year before. Yau also co-founded Milanese bakery Princi in Wardour Street. Its latest accounts showed it made an operating loss of £233,364 for the financial year ending 31 October 2015, compared with an operating profit of £27,586 the year before. Turnover rose to £4,601,304 (2014: £4,481,019), while Ebitda was £79,941 compared with £359,767 the year before. Yau resigned as a director in June 2016.

Inspirational Leadership Masterclass open for bookings: The Inspirational Leadership Masterclass is now open for bookings. Propel has partnered with the UK’s leading thinker and teacher on multi-site foodservice management Professor Chris Edger and Tony Hughes, cited by many current industry leaders as the most influential figure in their career, for the event. Edger and Hughes will draw on their book, eMotion – how leaders mobilise positive feelings in super-performing teams, to outline the “ten moments of emotional truth” of leadership that separate the best from the rest. The event takes place in the Chartered Accountants Hall at One Moorgate Place, London, on Thursday, 8 June and Edger and Hughes will explain their book’s key proposition – that focusing on mobilising positive emotions lies at the heart of inspirational leadership. Speakers will include Gary Harris has been deputy chairman of British Rowing for almost 20 years – a period of unprecedented success – and will outline the ten key insights into coaching outstanding performances from teams and individuals. Writer and lecturer Dr Nollaig Heffernan, co-designer of the ILM72 psychometric test, will outline the key components that underpin mental toughness for inspirational leaders and how to incorporate them to overcome everyday stress and challenges. Click here to see the full speaker schedule. Tickets are £295 plus VAT for operators and £445 plus VAT for suppliers, while tickets for Propel Premium subscribers are £245 plus VAT. To book, email anne.steele@propelinfo.com or call 01444 817691.

Seedrs to launch secondary market allowing investors to trade shares: Crowdfunding platform Seedrs is launching a secondary market, allowing investors who back startups on the platform to cash out earlier than they otherwise would be able to. The market gives investors the opportunity to trade private shares, allowing them more control over when they make a return from their investment. Currently, crowdfunding investors only have money returned to them when a company they back is bought or decides to list publically, a decision taken by the management. Seedrs chief executive and founder Jeff Lynn said: “The potential opportunities a secondary market brings for buyers, sellers and entrepreneurs alike makes this development incredibly exciting. Perhaps most importantly, we believe this will help businesses that are raising capital through Seedrs – with the prospect of secondary sales now available, we expect more investors are likely to want to back the great businesses we work with.” Seedrs will launch a beta version of its secondary market shortly. It will open for one week each month, giving investors a fixed window in which to try to sell their shares. The secondary market will not allow new investors to come in. Only existing investors in a company will be able to buy more shares in it. Seedrs will take care of all the paperwork associated with the share trades, meaning companies that have raised money on the platform will not have to get involved. Crowdfunding is one of the fastest-growing areas of investment in the UK, according to investment tracking platform Beauhurst, with activity growing by 11% in the first quarter of 2017. Seedrs was the most active platform, with 35 campaigns.

ALMR – ‘immigration reduction will hinder sector employment’: The Association of Licensed Multiple Retailers (ALMR) has reacted to the prime minister’s confirmation that the Conservative Party manifesto will reduce immigration by warning eating and drinking-out businesses need access to oversees employees. The ALMR has also reminded politicians the sector is a fantastic local employer, with the majority of staff coming from within the UK. ALMR chief executive Kate Nicholls said: “The eating and drinking-out sector is heavily reliant on non-UK workers, particularly those from the European Union. Almost a quarter of the total hospitality and tourism workforce is comprised of non-UK workers and nearly half of those are EU migrants. This is a significant portion of the workforce and pubs and restaurants will need to hire even more over the next few years if they are to continue growing. With the country running at almost full employment, eating and drinking out businesses will inevitably have to look oversees to fill vacancies. This is not a calculated preference for oversees workers, it is simply a matter of filling a shortage. Eating and drinking-out businesses also hire locally and help provide employment in every region of the UK. Three-quarters of the hospitality and tourism workforce is home-grown, and pubs and restaurants provide work and spend a significant amount of time and money recruiting and training their staff. That notwithstanding, there is still a need for businesses to have access to non-UK workers to fill roles that otherwise would not be filled and ensure businesses can succeed. If the next government places a low cap on immigration, high-street businesses will struggle to fill vacancies and we may see businesses suffer as a result.”

Young’s to reopen 14th century pub at heart of Bracknell town centre regeneration, first Berkshire site: London pub retailer Young’s is to launch its first site in Berkshire at The Lexicon Bracknell, the £240m town centre regeneration scheme that will open in September. Young’s will reopen 14th century, grade II-listed The Bull, which will be the only pub in the development. The venue, which has been vacant for a number of years, is undergoing a major refurbishment, with the addition of a large south-facing terrace, private dining facilities on the first floor and a glass-fronted extension to the rear. The extension will bring the pub’s total space to 6,545 square feet spread over two floors, with Young’s joining restaurant brands including Bill’s, Patisserie Valerie, Nando’s, Wagamama, Gourmet Burger Kitchen, Carluccio’s and Prezzo’s Tex Mex brand Chimichanga at the development, alongside a 12-screen Cineworld cinema. The Lexicon Bracknell is being developed by The Bracknell Regeneration Partnership, a joint venture between Legal & General and Schroder UK Real Estate Fund in partnership with Bracknell Forest Council. Legal & General leasing manager Richard Poser said: “The refurbishment and extension of The Bull has transformed the building into a landmark for the new town centre. We wanted a stand-out occupier to take this space. Young’s has an impressive, high-quality offer, which will appeal to Bracknell’s affluent catchment.”

Polpo to launch breakfast offer: London-based restaurant company Polpo is to launch a breakfast offer for the first time. The company will introduce a Venetian breakfast at its flagship site in Beak Street, Soho, on Monday, 15 May bringing a “slice of early morning Venice to central London”. The menu will focus on Venetian pastries, including traditional fritoles (bite-sized, sweet doughnuts filled with ricotta and sultanas). The takeaway breakfast will also include ciabatta with prosciutto cotto, emmental and tomato; and sourdough with grilled cheese, red onion and thyme. A spokesman told Propel the company currently had no plans to roll-out the breakfast offer across its other eight Polpo-branded sites. Co-founder Russell Norman said: “Fritole have been an integral part of cuisine in Venice since the 14th century. Ever since I first bit into the warm, pillowy snack, I’ve always hoped to bring them to London. The fast-paced Venetian breakfast is quick and on-the-go, a perfect fit for early-morning Londoners, and a true taste of Venice in the capital.” The company, led by Norman and Richard Beatty, launched at the Soho site in 2009. Earlier this year, Polpo said group growth strategy was “largely focused outside London” and it opened a site in Exeter last month. Norman and Beatty also operate restaurants Polpetto and Spuntino, both in Soho.

Adam Handling to start expansion of The Frog brand with Covent Garden flagship site: Adam Handling will start expansion of The Frog restaurant and bar brand by opening a flagship site in Southampton Street, Covent Garden, in August. The former MasterChef: The Professionals finalist said the new site would have a “more formal approach” than debut site The Frog E1, which launched in Shoreditch last summer. The 90-cover venue will feature a sizeable open-plan kitchen and a large private dining room in the basement complete with its own kitchen. The property was secured through agents Restaurant Property. The 2,929 square foot unit was previously home to Thai restaurant Manorom Too and a new 20-year lease has been signed. Handling said: “The Frog E1 has been so well received and set the standard for The Frog as a group. The new restaurant will be rooted in those foundations but have its own distinct, more formal style with its own dishes and weekly changing menu. The new site will draw a different clientele to the first restaurant in Shoreditch and I want it to be unlike anything else currently available in Covent Garden.”

Revolution Bars Group gets go-ahead to open Revolución de Cuba in Birmingham: Revolution Bars Group, the operator of 66 premium bars across the UK under the Revolution and Revolución de Cuba brands, has been given the go-ahead to open a site in Birmingham. The company has been granted permission by the city council to open Revolución de Cuba in Temple Street. The space is occupied by parcel collection business DX while the upper floors, previously home to the Birmingham Law Society, are vacant. Under the plans, the ground and first floors would provide seating for 84 and 79 covers respectively, while the basement would be used as a cellar and bottle store. The second floor would comprise a kitchen and toilet facilities. A planning statement said the new bar would regenerate the site and bring it back into “productive, economic and employment-generating use”. The approval comes weeks after Revolution Bars Group received the go-ahead to open a Revolution site in nearby Solihull. The company will refurbish the former Jimmy Spices site, which closed in June last year, in Station Road to provide bar areas and seating across the ground and first floors. A retractable roof could also be erected to provide external seating.

Bistrot Pierre to open Kidderminster restaurant next month, third West Midlands site in a year: Private equity-backed restaurant group Bistrot Pierre will open a site in Kidderminster next month. The company, which currently operates 18 outlets, will open the venue on Friday, 30 June in the new Riverside Walk retail and leisure development, creating 50 jobs. It will be Bistrot Pierre’s third restaurant in the West Midlands region to open in less than 12 months following Mere Green, Sutton Coldfield and Gas Street in Birmingham. Co-owner Rob Beacham said: “We’re investing almost £1m into our new premises, which will transform one of the premier locations at Riverside Walk into a beautifully styled French bistrot. As well as our award-winning interiors being implemented at the new site, we are also delighted to be offering traditional Parisian-style outdoor terrace seating.” Bistrot Pierre recently launched its loyalty app, Mon Pierre Rewards, where customers earn points for every pound spent at each restaurant. The company, founded by Beacham and John Whitehead in 1994, received £9.8m from private equity firm Livingbridge in 2015 to support its expansion plans.

Red Mist Leisure opens eighth pub: Red Mist Leisure, the pub company founded by Mark Williams and Mark Robson, has opened its eighth site and fourth in Hampshire. The pub has opened in Odiham High Street following a £500,000 refurbishment and has been restored to its original name, The Red Lion, for the first time in 300 years. The venue will also feature seven en-suite bedrooms, which are due to open later this month. Head chef Simon Lamb has created a modern British menu with an emphasis on local and seasonal ingredients, with dishes such as lightly beer-battered haddock fresh from Brixham market, and the Best of Hampshire board featuring local cured meat. Desserts include rhubarb tart with rhubarb custard, while the pub also offers craft beer and local ales plus a wide range of wine and spirits. Now in its 13th year, Red Mist Leisure’s other pubs in Surrey and Hampshire are The Stag On The River in Eashing, The Queens Head in Clandon, The Duke of Cambridge in Tilford, The Exchequer in Church Crookham, The Wheatsheaf in Farnham, The Cock Inn in Headley Village, and The Royal Exchange in Lindford.

Tapas Revolution to open seventh site next month, in Bath: Tapas Revolution, led by celebrity chef Omar Allibhoy and managing director Mac Plumpton, will open its seventh site next month, this time in Bath. The company is opening the site at the SouthGate shopping centre on Thursday, 1 June. The menu is divided into fish, meat and vegetable sections, complemented by charcuterie and its Jamon Iberico, hand-carved to order. The food is served alongside premium gin and tonics in a traditional Copa de Balón (balloon glass), an extensive Spanish-inspired cocktail list, craft beer, wine and soft drinks. Allibhoy said: “Bath is a beautiful city and we’re really excited to be opening a tapas bar there. Tapas Revolution is based on the lively and bustling tapas bars in Madrid, Barcelona and Seville and I’m looking forward to bringing my version to Bath. Tapas is more than food, it’s part of our everyday culture – food and life are always best shared.”

Curious Group sells West Bridgford site, new operators to launch street food bar: Nottingham-based operator Curious Group has sold its Cured site in West Bridgford. The company, owned by father and son Dan and Dean Brown, has sold the site in Central Avenue to new operators Jason and Karen Churchill, who are launching a street food bar called A-venue. The Churchills are investing £300,000 to refurbish the site, which is expected to open in mid-June. It will have a rustic feel to complement the street food vibe and will offer beer and lager from around the world as well as gin. Jason Churchill told the West Bridgford Wire: “The opportunity to buy Cured came up. I jumped at the chance and wanted to produce and deliver a quality bar and eating establishment that West Bridgford deserves. My guiding principle and that of the team is we’re proud of being independent, and proud of being local.” Cured opened in late 2014, specialising in coffee, charcuterie, craft beer and wine. Curious Group operates seven other venues, including The Parlour in West Bridgford and the Curious Townhouse in Nottingham.

Thai Leisure Group recognised in Best Workplace Awards list: Thai Leisure Group, which operates Thai restaurant brands Thaikhun and Chaophraya, has been recognised as one of the top 120 places to work in the UK by The Best Workplace Awards 2017. The company was 23rd in the large business category, the second-highest foodservice company on the list. A spokesman said the accolade demonstrated the company’s “ongoing commitment to supporting and training its staff” with its four core values, which are based on Buddhist principles, at its heart. Thai Leisure Group managing director Ian Leigh said: “Happy, well-trained and engaged employees produce excellent service and memorable dining experiences. The principles dictate everything we do, from the kitchen to the boardroom. Having everyone pulling in one direction for the same purpose creates a tight, cohesive team – and that translates on to the plate.” Thai Leisure Group is jointly owned by chef Kim Kaewkraikhot and British entrepreneur Martin Stead. It also operates the Yee Rah and Chao Baby brands and will launch a Cantonese concept later this year. The company reported revenue increased 11.3% to £32.1m for the year ending 31 July 2016.

Oakman Inns appoints Eamonn Borg-Neal as general manager of flagship pub as it celebrates tenth anniversary: Eamonn Borg-Neal has been appointed general manager of The Akeman in Tring, which his father Peter opened in December 2007 as the first Oakman Inns and Restaurants venue. The flagship pub has been the inspiration for the rise of the Oakman Inn group, which has grown to 18 sites across the Home Counties and West Midlands with an annual turnover of more than £25m and 500-plus staff. Peter Borg-Neal said: “The vast majority of our top general managers have worked their way through the ranks and Eamonn is no exception. His first job was in 2007 as a glass collector and cellar boy at the age of 16 and last year he became general manager of The Akeman Inn in Kingwood. He did a stellar job and that is why Alex Ford, our operations director, has taken the decision to give him the responsibility of running our flagship site. I am incredibly proud of Eamonn and the commitment he has shown over the years.” Eamonn Borg-Neal added: “I share my father’s passion for hospitality – it’s been part of my life since I can remember. We both started at the bottom of the ladder – as cellar boys working part-time after school.” The pub in Akeman Street is undergoing a refurbishment and extension for its tenth anniversary and has introduced a new spring/summer menu.

Stonegate Pub Company to roll-out new Slug and Lettuce menu: Stonegate Pub Company will roll-out a “refreshed and refined” menu across its Slug and Lettuce sites on Wednesday (10 May). The small plates section has been expanded, with the addition of crispy fried jalapeno slices with paprika sour cream and cured meat antipasti. From 4pm, five sharing dishes will cost £18, while the new Sweet & Petite segment will offer desserts at £5 for two. The drinks menu has also been updated and will exclusively feature Gancia Leggero’s “light prosecco”, which has almost 75% less sugar than the Italian producer’s dry variant. Other additions will include Absolut Lime, Baileys Iced Latte, and Tapas Tails, a flight of three cocktails. Stonegate Pub Company operates more than 690 pubs split into two divisions – Branded (Slug and Lettuce, Yates’s, Walkabout, Common Room and Venues) and Traditional (Proper Pubs, Town Pub & Kitchen, and Classic Inns).

Drake & Morgan opens The Bothy in West India Quay: Drake & Morgan, the London-based bar and restaurant group backed by Bowmark Capital, has open The Bothy in West India Quay. The 11,522 square foot venue is spread over a ground-floor bar and lower ground-floor restaurant, providing a total of 200 covers, while a riverside terrace with its own bar provides seating for a further 200. Original warehouse features including timber beams, flooring, cast-iron columns and brick walls have been restored and mixed with soft furnishings. The upper ground floor includes a central oak bar while there is an open kitchen and cocktail bar downstairs. The Bothy offers an all-day menu alongside small plates and sharing boards. An extensive wine list sits alongside premium spirits, craft beer, cocktails and mocktails. Managing director Jillian MacLean said: “West India Quay has become a drinking and eating destination and has been on our radar for some time.” Drake & Morgan plans to open a further three bar restaurants this year – two in London, at Cannon Green and Principal Place, and another in St Peter’s Square, Manchester.

Douglas Jack expects ‘solid interim results’ from Marston’s, offers relatively low-risk model: Peel Hunt leisure analyst Douglas Jack has said solid interim results should be expected from Marston’s and it offers a relatively low-risk model. Issuing an ‘Add’ note on the shares with a target price of 160p, Jack said: “In each of the last three years, Marston’s destination and premium (D&P) estate’s like-for-like sales have averaged circa 150 basis points above the managed sector (per the Coffer Peach Business Tracker). We expect D&P’s like-for-like sales to have been 1.5% in the second quarter as well as the first quarter, against a 3% comparable in both quarters and the Peach Tracker weakening from 0.8% in the first quarter to 0.6% in the second quarter. The comparable softens to 1.8% in both the third and fourth quarter. Taverns’ like-for-like sales have grown at a similar pace to D&P’s over the last three years, and were also up 1.5% in the first quarter. With comps peaking in the second quarter (first quarter 2.7%; second quarter 3.3%; third quarter 2.5%; fourth quarter 2.0%), we forecast like-for-like sales being up 1% in the first half. For the first half, we forecast leased like-for-like profits growing by 2% and brewing volumes being up 3%, in line with the first quarter in both cases, even though leased’s comparables soften from 3% in the first quarter to circa 2% in quarters two, three and four. D&P should benefit from the opening of 20 pub restaurants, three premium pubs and five (larger) lodges this year, although this expansion should be weighted to the second half. We expect the company to quadruple its number of rooms to 4,000 over the next six to seven years, thereby providing a material boost to pub average sales and margins. We forecast D&P and taverns’ margins to be down slightly in the first half, despite the company having an above-average track record for controlling costs. We estimate new accommodation should boost Ebitda margins by 150 basis points in 2019E. On this basis, our forecasts for D&P (excluding accommodation) assume more than 100 basis points Ebitda margin reduction in both 2018E and 2019E, implying attractive upgrade risk. We expect forecasts to be held on 18 May, with accommodation expansion providing upgrade risk to our 2019E forecasts, which are 2% above consensus. We believe Marston’s offers a relatively low-risk model with a secure dividend (yielding circa 5%), which should act as a support for the share price.”

Freshii opens eighth site in Ireland as it adds to Dublin presence: Canadian-based health brand Freshii has opened its eighth site in Ireland as it adds to its presence in Dublin. The company has opened the venue in Central Park, Leopardstown, as it continues expansion. Freshii offers tossed salads, hot bowls, burritos, healthy wraps, soup, fresh-pressed juices, smoothies and frozen yogurt. Meals are based on fibre-rich, slow-burning carbs, essential fats and lean proteins, and cater for dietary requirements including paleo, vegetarian, vegan, gluten-free, dairy-free and wheat-free. Freshii Ireland chief executive Dave O’Donoghue said: “We are really excited about opening another Dublin store in Central Park, Leopardstown. Freshii’s core mission is to help people live healthier and better lives by making nutritious food convenient and affordable and we are well on track to open 40 to 50 stores across Ireland within five years.” Since founder and chief executive Matthew Corrin opened the first Freshii site in Toronto in 2005, the brand has grown to more than 300 stores in 20 countries. Each Freshii restaurant features its own look and feel to fit within its local community.

Diageo reaffirms medium-term guidance ahead of investor conference: Diageo has reaffirmed its medium-term guidance ahead of its investor conference in London on Tuesday (9 May). Chief executive Ivan Menezes said: “The year has continued well and our expectation of delivering stronger financial performance this year is unchanged. We remain confident of achieving our medium-term objective of consistent mid-single-digit organic top-line growth and 100 basis points of organic operating margin in the three years ending fiscal 2019. With the consumer at the heart of the business, improved insight and measurement has supported better brand building and innovation while ensuring we stay ahead of emerging consumer trends. Our everyday focus on efficiency enables us to invest more behind the growth of our brands. I am pleased with the continued progress in more disciplined execution and the improved agility we have across Diageo.” At the conference the company will cover execution of its strategy and three priority areas – US spirits, scotch and India – as well as reviewing the opportunity in Africa. It will also show how it is using improved data, insight and measurement to grow its brands along with progress on productivity to reduce costs, enhance margins and increase investment in its brands.

Numis Securities downgrades Greene King to ‘Hold’ as market environment remains tough: Numis Securities leisure analyst Tim Barrett has downgraded its forecast on Greene King to ‘Hold’ as the market environment remains tough. Issuing a note on the shares with a target price of 790p, Barrett said: “As Greene King reaches its year end, we update our assumptions and present a revised divisional split, recognising Spirit is no longer disclosed as a separate entity. Recent Peach Tracker data suggests market trends since the company last reported in January are largely unchanged. The industry measure of like-for-like sales averaged growth of 1% between January and March, versus 0.6% for the prior nine months. We note, however, that the Easter period was disappointing at -3.8%. For Greene King we assume 0.8% growth in FY17 and 1.0% in FY18. A recent update from JD Wetherspoon serves to underline that the difficult cost environment faced by pubcos will continue into FY18. Wetherspoon estimates it will need to grow like-for-like sales by 3% to 4% to maintain operating profit in 2018. For Greene King, headwinds next year will include wages/National Living Wage (Numis estimates £20m), Apprentice Levy (£3.5m), rates/utilities (£11m) and cost of goods sold (unquantified). The company has a good record of cost control, particularly on mergers and acquisitions integration, but synergies have largely run their course meaning the business will have to look to wider efficiencies to mitigate headwinds. We currently model £5m of Spirit synergies and £13m from like-for-like sales growth, meaning we expect a small fall in pubco profitability next year (-3% and margin -90 basis points). Over the past 12 months, Greene King’s group like-for-likes have been held back by weak performance from the value dining segment. Particularly challenged has been Fayre & Square, a legacy of its acquisition of Spirit (the brand had experienced two years of negative like-for-likes prior to the deal). We estimate a 50 basis points drag on group like-for-likes and a more material profit impact. Greene King is addressing this through a combination of site disposals and conversion to more successful formats (£30 to £40m of annual capex). This means that by FY19 the issue should have been resolved, giving us increased confidence in a like-for-like sales improvement in outer years. Greene King has outperformed the FT Allshare by 10% over the past three months, leaving it trading on a CY17 price-to-earnings ratio of 10.6 times (12.2 times pre-provision release), free cash flow yield of 8.5% and dividend yield of 4.3%. We see the stock as underpinned by a well-covered dividend (1.6 times cash cover) but adjusting our sum of parts for new forecasts gives upside of 8% and we move our recommendation to ‘Hold’ accordingly. The company trades on an EV/information coefficient of 1.1 times (return on invested capital/weighted average cost of capital 1.0 times) and small premium to adjusted net asset value.”

Staycity opens second Manchester site: Dublin-based aparthotel operator Staycity has opened a site in Manchester’s iconic Gateway House, next to Piccadilly Station, its second site in the city. Staycity Manchester Piccadilly offers 182 short-let apartments consisting of one, two, and three-bedroom units each with an open-plan sitting room, kitchen and dining area, and en-suite bathroom. Additional facilities include a cafe, lounge, gym, car park and four meeting rooms available for hire. The opening at the modernist building, also known as the “Lazy S” and which has been empty since 2010, has created 50 jobs. Staycity Aparthotels has signed a 25-year lease on the building, which is owned by LaSalle Investment Management, and will occupy all seven floors with retail space remaining underneath. Staycity Aparthotels chief executive Tom Walsh said: “This is an important opening for Staycity as the building is a well-known landmark in Manchester – the first sight of the city visitors have when they arrive by train at Manchester Piccadilly. We are delighted to be part of the regeneration of this unusual and striking building.” Staycity operates more than 3,000 apartments in ten European cities. The company intends to grow to 15,000 apartments by 2022.

Pembrokeshire hotel offered at £500,000 discount after falling into administration for second time: The Penrallt Hotel in Aberporth, on the Pembrokeshire coast, has been brought to market with offers invited over £500,000 after falling into administration for a second time. The hotel has previously been on the market for £1m. Agent Colliers International has been instructed by receivers Frank Wessely and Chris Newell, of Quantuma LLP, to find new owners for the hotel, which offers a number of business strands. The 26-bedroom property, which also has 11 cottage rooms and a detached leisure club, is currently closed. Set in 20 acres of landscaped grounds, the Penrallt Hotel dates to the early 1900s. The hotel has undergone a complete refurbishment and the leisure centre includes one outdoor and two indoor pools, two gyms, a beauty treatment room plus a cafe bar. Colliers International hotels director Peter Brunt said: “I had sold the hotel out of administration to the owners and am now hoping to do the same again. This is a superb Edwardian house overlooking Aberporth Bay offering sea views, outdoor activities and a chance to go dolphin watching.”

Former Liberty CFO launches meatball-inspired concept Curveball in Balham: Former Liberty chief financial officer Paul Harris has launched new concept Curveball with meatballs at its heart. Harris has opened the restaurant in Balham, south London, with Hannah Pemberton, author of recipe blog The Kitchen Alchemist. The venue in Hildreth Street has 26 covers upstairs and 12 in the downstairs bar as well as alfresco dining. Dishes include The Mothership (beef chuck and parmesan meatballs in short-rib ragu), and Wizard of Oz (beetroot and tahini verbally with lime avocado cream, popped seeds, pomegranate and freekeh). A bespoke cocktail and wine list complements the menu. Pemberton said: “Meatballs are eaten the world over – from Middle Eastern koftas to Indonesian bakso. Paul and I wanted to create a restaurant that highlighted their versatility and not stick to traditional flavors. That’s why we set up Curveball – to combine those experiences and flavors and share them and our obsession for food.” Harris has 15 years of senior level operational experience, including opening restaurants within department stores Liberty and Selfridges.