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The Restaurant Group upgrades expectations after strong trading relative to market: The Restaurant Group (TRG) has upgraded expectations after reporting strong trading relative to the market. The business now expects FY21 adjusted Ebitda to be at the top end of previous guidance (£73m-£79m) with net debt of less than £180m (previously less than £190m). Like-for-like sales at Wagamama grew by 11% and 8% in October and November respectively versus 2019 comparative, and 1% in December. Like-for-like sales in the leisure division were up 16% and 8% in October and November respectively versus 2019 comparative, and were down 2% in December. Like-for-like sales in the pubs division increased by 9% and 7% in October and November respectively versus 2019 comparative, and were down 7% in December. Like-for-like sales in the concessions division fell 34%, 24% and 34% in October, November and December respectively versus 2019 comparative. The company stated: “The introduction of the UK government’s ‘Plan B’ in early December that included advice to work from home, calls for further caution in socialising and increased testing requirements for international travel reduced consumer confidence and put additional restrictions on the hospitality and travel sector. In both the restaurant and pubs markets, like-for-like sales (as measured by Coffer Peach) were 10% to 12% lower in December than in October and November. TRG continued to trade ahead of the market demonstrating our ability to out-perform in all market conditions. While we are encouraged with the recent government announcement that all ‘Plan B’ restrictions will be lifted next week, we expect consumer confidence may take longer to recover. We are also mindful that the recovery in air passenger volumes remains dependant on the timing of changes to both UK and International restrictions. Despite the near-term uncertainties, the board remains confident in the group’s prospects given the strength of our brands, substantially reduced net debt and outperformance versus the market. The group’s next scheduled update is the preliminary results announcement on 16 March.”

87 multi-site companies set to join updated Premium Database of Multi-Site Companies: A total of 87 new multi-site companies, operating 918 sites, have been added to the next edition of the Propel Premium Database of Multi-Site Companies, which will be released on Friday, 28 January, at midday. The updated Propel Multi-Site Database, which is produced in association with Virgate, will feature a number of multi-site pub operators, including Norfolk-based Resolution Pubs, which was founded by Adam Noble and currently has a portfolio of four sites. Also added this month is four-strong Northern Union Pub Company, which is led by Sam Moss and Michael Brothwell and is currently looking to add a further north London-based pub to its estate after applying to reopen the Winchester Tavern in Highgate. In addition, Josh Kharn, who has recently partnered with Greene King to invest £150,000 into two of his Home Counties pubs, will be featured. Meanwhile, north west-based operator Yogesh Mistry, who has a portfolio of three pubs and who also operates an Italian and Thai restaurant, will be included. Premium subscribers will also receive a 6,430-word report on the new additions to the database. The comprehensive database is updated monthly and provides company names, the people in charge, how many sites each firm operates, its trading name and its registered name at Companies House if different. It features more than 2,000 companies. Premium subscribers will also receive the sixth edition of the New Openings Database, which is produced in association with StarStock, on Friday, 4 February, at midday. It focuses on newly announced openings and upcoming launches in the sector and is updated every month. The sixth edition also includes a 21,000-word report on the new additions to the database. Premium subscribers also receive access to another database – the Propel Turnover & Profits Blue Book, which is produced in association with Mapal Group. The Blue Book, which is also updated monthly, provides an insight into UK operator turnover and profitability over five years, profit conversion and directors’ earnings. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email jo.charity@propelinfo.com to upgrade your subscription. Subscribers also receive access to Propel’s library of lockdown videos and Friday Wrap interviews, and now also have access to a curated video library of the sector’s finest leaders and entrepreneurs, offering their insights on running outstanding businesses in the sector. Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before our 6am send-out, regular video content and regular exclusive columns from Propel group editor Mark Wingett. This week, Wingett talks to leading players from across all parts of the sector about their hopes and fears for the year ahead.

Everyman reports 2021 revenue at 75% of 2019 figures, Ebitda expected to be ahead of forecasts as business sees ‘robust’ admissions: Cinema operator Everyman has reported revenue for 2021 was at 75% of 2019 figures with Ebitda now expected to be ahead of forecasts. In a pre-audit trading update for the 52-week period ended 30 December 2021, the company reported group revenue of £48.7m (2020: £24.2m), an increase of 101% year-on-year with 33 weeks’ trading, “driven by strong admissions since reopening”. In 2020, the business saw ten weeks of normal trading, 17 weeks of disrupted trading and 25 weeks of full closure due to covid-19 restrictions. The company stated: “Revenue in 2021 was at 75% of the 2019 FY total (£65.0m) despite having 19 weeks closed, which is particularly pleasing given 2019 was a record year for the group. Due to a better than expected performance in December, Ebitda is expected to be ahead of current market forecast at approximately £8.3m (2020: £1.1m loss). Everyman now operates 36 venues, with one new venue at Borough Yards opened in the period, in December 2021. The total number of screens now operated by the group is 119 (2020: 117). Since re-opening on 17 May 2021 the group has been Ebitda positive and operating cash generative each month. The outlook for the business is positive, reinforced by healthy admissions since reopening and the group’s roll-out programme set to recommence in earnest with a committed pipeline of five new venues for the current financial year – Edinburgh, Plymouth, Durham, Marlow and Egham.” Chief executive Alex Scrimgeour said: “Robust admissions seen across our estate in the second half of the year proves that demand for entertainment at Everyman remains strong. I would like to say a special thank you to our incredible team for making it happen in such exceptionally difficult circumstances. We are increasingly optimistic about 2022 performance and excited by our new opening pipeline. We are looking forward to a stimulating and diverse slate of films which will entertain our Everyman community.”