Patisserie Valerie to shut 14 sites following estate review: Patisserie Valerie is to close 14 of its smaller sites following a review of the estate, Propel understands. Owner Causeway Capital is believed to have been carrying out a detailed analysis of the size, trading performance and location of each store over the past five months. That review is now thought to have been concluded and while the list is still being finalised, some sites have started to close, including Chichester in West Sussex. It is thought the remaining 75 Patisserie Valerie locations represent the larger, best performing outlets in the estate. Propel understands the decision taken by Causeway Capital will enable it to better focus its investment programme on improving the quality of its patisseries over the coming months. The programme has already begun, including the launch of its summer menu and redesigned range of patisserie and gateaux last week following a shake-up. The offer includes five individual patisserie – strawberry gateau, double choc, Black Forest chocolate, baked cheesecake and mille-feuille. There is also an all-day brunch menu that includes smashed avocado on bloomer toast, eggs benedict and Madame Valerie’s vegan breakfast. Meanwhile, the lunch to dinner menu has been stripped down and includes dishes such as croque monsieur, salad, stuffed croissants and sandwiches. Causeway Capital acquired Patisserie Valerie out of administration in January after it was unable to secure new bank finance following the discovery in October of “potentially fraudulent” accounting irregularities that left a £94m black hole in its finances.

Young’s reports managed like-for-likes down 2.1% as ‘poor weather impacts performance’: London pub retailer Young’s has reported managed like-for-likes are down 2.1% for the 13 weeks to 2 July 2019 as “poor weather continues to impact on performance”. Ahead of its annual general meeting today (Tuesday, 9 July), the company stated: “When we reported our results in May, we stated it had been a tough start to the year, with the only good weather coming over the Easter bank holiday. That pattern of poor weather has continued with an inevitable effect on our performance. Although managed house sales for the first 13 weeks are up 4.4% in total, they are down 2.1% on a like-for-like basis. By comparison, at last year’s annual general meeting, we reported a 5.2% increase in managed house like-for-like sales, having benefitted from a long period of very warm weather. This year, we will benefit from the acquisitions made last year, principally the Redcomb group of pubs. These pubs complement our managed house estate in and around London and in the south-west and we remain excited about their future growth potential. We will also see the full year benefit of our major investments in the two hotels we added last year: The Park (Teddington) and The Bridge (Chertsey). We also opened The Depot (Kidbrooke Village) and transferred The New Inn (Ealing) from the Ram Pub Company into the managed house division, with the true benefit coming later in the year following a planned refurbishment. These new investments, along with other investment made last year in our existing estate, will create momentum and provide a helpful tailwind for continued growth as we compete against last year’s strong comparatives. We are, of course, also looking forward to the Rugby World Cup 2019 this autumn and the warm-up fixtures over the summer, two of which are at Twickenham. Despite the early morning kick-off times for the tournament, we expect it to be good for trade. We are very confident about the enduring quality of our business and will continue to invest in the existing estate, in technology and in our people. We remain positive about the year ahead and will update shareholders further at the half year.”

Sector calls for future PM to end pubs’ pain: Sector trade bodies and organisations have joined forces to underline to Jeremy Hunt and Boris Johnson the urgent need for a new prime minister to implement policy changes to support the future of British pubs. A joint letter from UKHospitality, the British Beer & Pub Association, the British Institute of Innkeeping, the Campaign for Real Ale, the Society of Independent Brewers and Pub has outlined the need for stability in the sector, which can only be delivered via a basket of policy reform. These include delivery on the Conservative manifesto commitment to reform of business rates, with interim measures “to end the impacts of the hugely increased costs of the property tax”. The letter has also called on the Conservative leadership candidates to redouble efforts to ensure a smooth Brexit that allows access to labour for hospitality businesses and protects food and drink from harmful tariffs. The letter also praises the government’s recent announcement of a tourism sector deal but also calls for a commitment to freeze beer duty for the remainder of this Parliament. Part of the letter stated: “At a time of uncertainty, division and change, Britain’s pubs remain a force for good and have a unique role to play. They are at the centre of Britain’s socio-economic make up, bringing our diverse communities together and enhancing Britain’s reputation abroad. They are among the top three places to visit for tourists coming to the UK. Despite its importance and success this is a sector that is under pressure. We believe a future Conservative leader and UK government should be supporting the industry. We would be delighted to meet to discuss any of the issues raised in more detail.”