Nando’s reports sales near £1bn: Nando’s has reported sales rose £121.4m to £969.3m in the year to 25 February 2018 (2017: £847.9m), an increase of 14.3%. Operating profit decreased to £42.8m from £46.7m the year before “largely due to higher costs as the business grew”. It reported a “continued high level of capital expenditure at £101.2m (2017: £151.5m), reflecting high levels of confidence in the business and growth prospects as it invested in new restaurants, infrastructure and expanded the international footprint”. The total number of restaurants increased by 29 to 937 as of 25 February 2018. This consisted of 711 company-owned restaurants and 226 restaurants run on a franchise basis. The company bought out 24 franchised restaurants during the year – 20 in Australia and four in New Zealand – for a total o £7,660,000. The previous year it bought 31 restaurant from franchisees (21 in Australia, five in New Zealand an five in India) for £5,061,000. The company lost £36.1m in the year compared with a profit before tax of £19.5m the year before. Of total sales, £958.2m came from company-owned restaurants (2017: £834m) and £11.09m from royalties and franchise fees (2017: £13.8m).

The Times – NewRiver agrees to buy 76 tenanted pubs from Heineken: The Times has reported NewRiver has agree to buy 76 pubs from Heineken. It stated: “NewRiver, the FTSE 250 property investment company generally best known as a shopping centre operator, is understood to have agreed terms on the purchase of a package of 76 tenanted pubs from Heineken in a deal worth an estimated £12m. It brings NewRiver’s total pub estate to about 630. Shares in NewRiver closed up ½p at 224½p.”

Coaching Inn Group reports 25% sales uplift at refurbished site, like-for-likes up 9.3% year to date: The Coaching Inn Group has reopened The Swan Hotel in Stafford, following a substantial refurbishment of its Brasserie and Coffee House. The hotel took £48,000 in net sales during its first full week of trading, up 25% from pre-refurbishment levels. The hotel, acquired in June this year by Coaching Inn Group in an off-market transaction, was the latest in its strategic expansion programme that has seen the company more than double its estate over the past three years. The company invested £400,000 modernising, refitting and upgrading all food and beverage trading areas including the hotel’s bar, restaurant and coffee shop.The group, as a whole, continues to trade well with cumulative like-for-like sales for the period from the beginning of the financial year up to the end of November increased by 9.3%. It added bookings for Christmas are strong and ahead of last year by 25%. Kevin Charity, chief executive, said: “We are delighted with the customer response to the reopening of The Swan. It demonstrates clearly the value that can be generated by our investment in established, well located Inns in high-quality market towns. Coaching Inn Group aims to operate the best centrally located local hotel/restaurant/ bar in each of its locations and The Swan is another excellent example of that. We have had a fantastic year to date and are looking forward to what looks set to be another strong Christmas period across each of our venues.”