Alchemy Partners acquires Inn Collection Group: Pub operator Inn Collection Group has been sold by Kings Park Capital to a new company backed by Alchemy Partners, the former backers of Revolution Bars Group, Propel has learned. Kings Park Capital initially acquired a majority stake in Inn Collection Group in November 2013. At the time the north east-based pub operator had a portfolio of three inns with Kings Park Capital simultaneously supporting the acquisition of a fourth site. During the investment period the group has grown to seven sites across Northumberland, County Durham and North Yorkshire, with an eighth new-build site set to open later this year in Amble following a £4.2m investment. Under Kings Park Capital’s ownership, Inn Collection Group has grown its number of rooms from 112 to 211. Kings Park Capital stated: “At the same time, revenues and Ebitda both grew at a compound annual growth rate in excess of 25%. This was achieved through investment in the existing inns, including the addition of 19 bedrooms to the original estate, the acquisition and development of new inns, and significant growth in all three key revenue streams – food, drink and rooms. This included constant innovation and development of the food and drink offering together with the introduction of dynamic yield pricing of accommodation to drive revenue per available room.” Inn Collection Group managing director Sean Donkin said: “We would like to thank Kings Park Capital, whose support over the past five years has been instrumental in helping us evolve the Inn Collection model and grow the group to eight units.” Alchemy typically invests in distressed assets but is broadening its portfolio. Kings Park Capital was founded by Jason Katz and Hugo Robinson in 2007. Its other sector investments include healthy eating chain Abokado and better burger brand 7Bone.
More than 100 MPs call on government to save the Great British pub: More than 100 MPs have backed an Early Day Motion (EDM) in Parliament that calls on the government to take further steps to reduce the tax burden on pubs in a bid to halt pub closures. Tabled by MP Toby Perkins, chairman of the All Party Group on Pubs, the motion has rapidly received cross-party backing. The EDM recognises recent changes in planning law and taxation have helped the industry but asks for more to be done to help pubs. It also calls on government to “take further steps to support pubs that reduce the tax burden and enshrine the valuable role the Great British pub plays in UK society”. The Campaign for Real Ale (CAMRA) has consistently kept pressure on the government to implement tax measures that recognise the contribution pubs make to personal and community well-being. CAMRA national chairman Jackie Parker said: “We know 18 pubs are forced to close each week and we welcome the EDM calling for more support for pubs and the backing from those MPs who have signed it already. A number of factors contribute to these closures, including a ‘triple tax whammy’ of high beer duty, business rates and VAT. It is only by changing government policy on key issues that we will be able to protect the British pub and ensure it remains at the heart of our communities. We would urge all MPs to consider signing this EDM.” Perkins added: “Pubs play an incredibly important role in our social fabric and local economies so it is great that so many MPs are showing their support. There is concern the overall burden of tax on our pubs is excessive and MPs across the house will continue to make the case to do more to support this crucial sector.”
Notes closes crowdfunding campaign after raising £1.2m for expansion: Notes, the nine-strong, London-based coffee shop and wine bar concept chaired by James Horler, has closed its fund-raise on crowdfunding platform Crowdcube. The company was offering 5.66% equity in return for the investment to fund expansion. In total, 858 investors pledged £1,200,000 and the campaign has now closed. The pitch stated: “Since our last Crowdcube campaign in 2015 – which raised £908,400 – we have opened four locations, doubled our revenue to almost £5m (£0.2m Ebitda), increased site Ebitda by three times and expanded our roastery, which now produces more than one tonne per week for Notes and our wholesale partners.” Last month, after passing the initial £600,000 target on its latest fund-raise within two days, the company stated: “Now we have reached our target we have already started to implement the business plan. We have hired a head of bookings. Trade has been positive throughout the month of May – we have delivered like-for-like sales growth of circa 5%. It is definitely an exciting time for Notes!”
British restaurant Roast reveals further details of Fitzrovia site for second London venue: Borough Market-based British restaurant concept Roast has revealed further details of the venue it will open in Fitzrovia for its second London site. Roast Kitchen will launch in late 2018 as an all-day dining concept that will “embody the original Roast DNA through a stripped-back, more casual dining experience”. Set across two floors, the “kitchen-style” interior will create a more relaxed atmosphere and offer additions to the menu alongside signature roast dinners such as the best-selling pork belly. Former Bread Street head chef Paul Shearing, who has also worked at London venues Odette’s and One Aldwych, will head the kitchen. Roast Restaurants chief executive John Turner said: “We are extremely excited to be expanding the Roast Restaurants group after 12 years in business. Roast Kitchen will epitomise everything we stand for, serving traditional British dishes made using only the finest ingredients in a less formal take on our original Borough Market restaurant.”
