Two days to go before next edition of The New Openings Database release, to show details on 164 new sites, 9,000-word report included: The next edition of The New Openings Database will show the details of 164 newly announced site openings and upcoming launches for Premium subscribers when it is published on Friday (2 December) at midday, including which company has opened a site or its plans to open one in the future. It will have details on what type of site it is and its location, and there will also be a website link to the businesses. The database is published on a monthly basis, and the next edition features growing restaurant and bakery brands, niche cuisine, and expanding experiential concepts. Premium subscribers will also receive a 9,000-word report on the new additions to the database. Premium subscribers also receive access to three other databases: the Propel Multi-Site Database, produced in association with Virgate; the Propel Turnover & Profits Blue Book, produced in association with Mapal Group; and the UK Food and Beverage Franchisor Database. Premium subscribers are also to be given exclusive access to the recording and slides from this month's Propel Multi-Club Conference. The videos will be sent today (Wednesday, 30 November), at 9am. 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 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.

Loungers reports like-for-likes up 17.4% on pre-covid levels, expects to increase openings rate to 32-34 sites next year: Cafe bar operator Loungers has reported like-for-like sales were up 17.4% for the 32 weeks to 27 November 2022 compared with pre-covid levels. The company stated: “Positive momentum has continued over the first eight weeks of the third quarter, with the business consistently outperforming the sector and achieving strong like-for-like sales growth. While there is no sign of the cost of living pressures abating, we remain optimistic looking ahead to trading over the Christmas period. With 15 sites having opened year to date we remain on track to open a total of 30 new sites during the course of the financial year ending 16 April 2023, including our first Brightside site, where we already have other opportunities in the pipeline. The pipeline is in very good shape. Whilst there is a slight bias towards new opportunities in the north east, there remains huge opportunity for infill across the UK. We continue to benefit from a tenant-friendly market and see strong opportunities in our target locations We are on track to open 30 new sites this financial year and expect to open 32-34 next year.” It comes as Loungers reported revenue increased to £122.3m for the 24 weeks to 2 October 2022 (2021: £102.4m). Adjusted Ebitda was down to £19.3m (2021: £27.21m), with the prior year result having benefitted materially from reduced rate of VAT and business rates relief. The figure was up 33.4% versus the first half of FY2020 – the most recent period unimpacted by covid. Pre-tax profit was down to £2.8m (2021: £12.8m). The company said it had “significantly outperformed the market with consistently strong trading” and its headline three-year like-for-like sales growth of 17.0% was “testament to the strength of our brands and our teams”. It added it was well-placed to outperform in a recessionary environment with its value for money principles “maintained and strengthened” and its broad customer demographic “reduces reliance on any particular segment”. The company’s rent to revenue ratio further improved to 4.7% and has a “strong” balance sheet. The business said it was successfully balancing the requirement to drive sales volumes and deliver market share growth while managing margin pressures. Utility costs were hedged in May 2020 through to September 2024 for the majority of the estate. The company said its new site roll-out had accelerated with 11 new sites opened in the period, comprising eight Lounges and three Cosy Clubs. A further four sites have been opened post the 2 October half year end, three Lounges – in Haywards Heath, Stratford upon Avon and Selby – and a Cosy Club in Milton Keynes. A fifth build team added, expanding its new site opening capacity to between 32 and 34 sites per year. Contracts have now been exchanged on the four Brightside venues with the first site on schedule to open in early 2023. Chief executive Nick Collins said: “I am delighted with the consistent strength of our sales performance. Our outperformance of the market has continued unabated and reflects both our unique positioning as well as the amazing hospitality and hard-work of our teams. We aren’t immune to the inflationary pressures impacting our sector, but we have worked hard to strike the right balance between growing market share and managing margin pressures. These numbers would suggest we have got the balance about right. The short-term outlook is uncertain, but we take confidence from the resilience of current trading in both brands. We are excited about the coming months and are well-placed to take advantage of opportunities through our continued growth. Lounge and Cosy Club both have enormous untapped roll-out potential, and we are very excited about the imminent launch of our new roadside brand Brightside. The Lounges have traded very consistently across the first half. Whilst during the summer we might not have seen the same degree of out-performance at some of the coastal Lounges compared to 2021, there has been no meaningful variation either geographically or demographically. On the Cosy Club side, the post reopening one-year summer comps were very tough, but this was short-lived and the sites performed well and are in a strong position as we approach Christmas. In both brands the sales growth is relatively consistent across all day parts and food and drink categories, with no particular areas dominating. We continue to experience in-bound cost-pressure on various fronts. Our scale and continued growth allow us to mitigate these to a degree and we benefit from a favourable energy hedge over a large part of the estate, but the margin pressure is significant and the annual increase in National Living Wage is a key part of this. Striking the right balance between protecting our value for money price points versus our margin is critical. I am comfortable that in achieving three-year like-for-like volume growth in our sales, we have got this balance about right. In addition, we are benefitting from the investment we made last year in our operations team, reducing the number of sites in each area, allowing us to focus even more on our customers, conversion rates and teams.”

Tobias Jackson to step down from Nightcap: Tobias Jackson, co-founder of Adventure Bar Group, which is owned by Nightcap, is to step down from his role with Nightcap. Jackson sold Adventure Bar Group to Nightcap in May 2021. Nightcap stated: “Tobias successfully led his team through the pandemic proving to be both adaptable and extremely resilient. This resulted in a successful sale for him and his shareholders to Nightcap.” Sarah Willingham, chief executive of Nightcap, said: ‘’Tobias has built Adventure Bar Group into an amazing bar group. The past 18 months I have really got to know him and have loved working with him. He is extremely well respected throughout the business and built a wonderful team. He remains an important and supportive shareholder and I very much look forward to seeing him in his next venture.’’ Jackson added: “I’ve had an incredible journey building this business and have worked with some of the best in hospitality. Now is the right time following the pandemic and sale of the business to seek new challenges both within and outside of hospitality. I can’t wait to see Nightcap continue to grow and become the best late-night hospitality company in the UK.”

Time Out Group signs deal to open in Saudi Arabia under management agreement: Time Out Group has entered into a management agreement with Diriyah Gate Development Authority (DGDA) to open a new Time Out Market in Saudi Arabia. The market will be based in the capital Riyadh, at Diriyah Square, and is expected to open in 2027. This is the company’s eighth management agreement as its global expansion continues, with further locations in advanced negotiations. Time Out Group stated: “As a key anchor of Diriyah Square, Time Out Market will bring Riyadh’s best chefs, restaurateurs and cultural experiences together under one roof, based on editorial curation. It will provide a space and opportunities for award-winning, established and up-and-coming culinary and cultural talents. Located across 95,000 square foot and two levels, there will be 23 kitchens, five beverage serveries, multiple stages, event and exhibition spaces, a demonstration kitchen, kitchen academy and kitchen lab. With approximately 1,650 seats, guests will have a variety of indoor and al fresco dining options.” Under a management agreement, Time Out Market receives a share of revenues and profits (subject to a guaranteed consultancy fee) but does not contribute to the capital cost of the site. Time Out Market co-chief executive (development), Jay Coldren, said: “Time Out has always been at the forefront of urban centres, shining a light on the best of the city. Our Time Out Markets let local culinary and cultural talent showcase their skills, bring people together to connect, create employment opportunities, and provide an open and diverse workplace for the community. Diriyah Square is set to be a landmark, combining history, heritage and culture alongside retail and hospitality – as the country is opening up to tourism and the world, there is a well-established eating out culture that continues to grow and evolving cultural scenes which both locals and visitors are increasingly enjoying. We are looking forward to offering our unique Time Out Market experience, alongside our partners at DGDA.”

Business confidence at lowest in 21 months: Two new surveys have recorded sharp falls in business confidence as the uncertain economic outlook causes companies to become more pessimistic. The Times reported the latest Lloyds Bank Business Barometer found confidence among businesses fell by five points to 10% in November, the weakest since February 2021, and economic optimism also declined, with the net balance in negative figures for the first time since January 2021. The survey of 1,200 companies, carried out prior to the chancellor’s autumn statement, showed businesses facing a deteriorating economic picture with the UK set to fall into recession. Of businesses surveyed, 37%, down from 41%, said they were more optimistic about the economy with 40%, up from 39%, stating a more pessimistic view, resulting in a net balance of minus 3%. compared with plus 2% in October. The number of companies expecting stronger trading prospects also fell, from 46% in October to 43% in November, while an unchanged 19% anticipate weaker prospects. Hiring intentions dropped to an 18-month low with 38%, down four points, expecting higher staffing levels and 24%, up three points, anticipating a lower headcount. These changes show a net decline of seven points to 14%, signalling slower employment growth ahead. Separately, the latest CBI survey found business optimism deteriorated for a third quarter across the service sector, with a sharp decline in business and professional services where sentiment fell at its fastest since May 2020. The CBI Service Sector Survey, based on responses from 297 companies, found business volumes were mixed, with unchanged volumes in business and professional services, while consumer services saw a further fall. Sentiment about the general business situation fell 55%.