Liberum – cost of family meal up 18.7% in three years: Liberum leisure analyst Anna Barnfather has said the cost of a family meal has risen 18.7% between 2019 and 2022. Her menu and pricing analysis, comparing a sample of site menus over the period, found Prezzo (up 35.3%), Harvester (up 32.3%) and Wetherspoon (up 22.8%) are shown to be taking a more aggressive pricing stance than Wagamama (up 18%), Tortilla (up 20%) and Loungers (up 14%). The price for a classic burger with fries ranges from £6.65 at Wetherspoon to £15.95 at Prezzo and rose by an average of 30.4% to £11.77 across the study’s sample. Other popular pizza or noodle staples have risen less, by an average of 15.3% to £12.18, reflecting lower input pricing pressure. The study also showed overall menu count is down by an average of 12.0% to 34 in 2022 compared with 2019, “motivated in part by the need to simplify operations and consolidate procurement to offset cost inflation”. Barnfather said: “Most notably, Loungers and The Restaurant Group brands have reduced dish count, by an average of 8.1% and 30.8% respectively, with Tortilla maintaining its focus. In contrast, JD Wetherspoon has increased menu items by 17.2%, adding cost and complexity.” Coffee inflation (average increase of 16.8%) is also significantly outpacing beer and wine inflation (up circa 6-7%), with several pubs cutting the cost of drinks. Barnfather said: “We believe this is indicative of underlying input cost inflation, but also perhaps customer trends towards different day parts and away from alcohol. This plays to the strengths of Loungers in particular, given its flexible all-day offer, but is a conundrum for JD Wetherspoon’s high volume, low margin model.” With regards to sales mix, the report showed food sales have grown as a proportion of revenues for most pub companies. “This has increased labour intensity which, in the case of JD Wetherspoon, has compounded its already low gross margins, leaving it further exposed to falling volumes,” Barnfather added. “We also note delivery has offset footfall declines for some operators, but few, if any, back this out of like-for-like sales figures. The key beneficiaries are Tortilla and Wagamama.” Liberum argues JD Wetherspoon model ‘under further stress’ – see Company News

Restaurant Marketer & Innovator videos to be sent to Premium readers on Monday, next edition of Blue Book shows collective sector losses of more than £1bn: Propel Premium subscribers are to be given access to the entire recording of the 2023 Restaurant Marketer & Innovator European Summit Conference. Subscribers will be sent 30 separate video presentations, featuring more than 80 speakers, on Monday (13 February), at 9am. The videos include: Nando’s chief executive Colin Hill discussing the better business agenda, why it is championing change and how it’s central to future performance and growth; Coco di Mama commercial brand director Sara McKennedy talking about its omnichannel evolution; Laura Mimoun, chief executive of fast food salad concept Kaleido, sharing how the concept has developed and scaled to six locations and aims to change the way you see salad; and Erik Nissen Johansen, founder and creative director of global hospitality design studio Stylt, presenting the journey of making the Lego Restaurant in Billund, Denmark, embracing Lego values of imagination, creativity, fun, learning and caring. Meanwhile, the next edition of the Propel Turnover & Profits Blue Book, which will be sent to Premium subscribers tomorrow (Friday, 10 February), shows sector companies are making a collective loss of more than £1bn. The Blue Book shows the total profit of the 705 companies in the list is £2,506,488,944 and losses are £3,550,302,377. The Blue Book is updated each month and ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Subscribers also receive the Propel Multi-Site Database, produced in association with Virgate; the New Openings Database; the UK Food and Beverage Franchisor Database; and the Who’s Who of UK Food and Beverage. 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 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.

 

Six operators achieve top food hygiene score in every one of their sites: Six operators have achieved the top food hygiene score in every one of their sites. The report by Scores On The Doors, which lists the hygiene ratings of all 597,238 food establishments in England, Wales and Northern Ireland, revealed Azzurri Group-owned ASK Italian, better burger brands Byron and Gourmet Burger Kitchen, Thai restaurant group Giggling Squid, Fridays and The Ivy have achieved the maximum rating of five in 100% of their restaurants. They’re followed by Prezzo with 99.31% of its restaurants achieving a five, Nando’s at 97.87%, The Restaurant Group-owned Wagamama at 97.39% and The Breakfast Club at 97.30%. The Food Hygiene Rating System, which is run by local authorities, provides benchmarking criteria for hygiene standards of food businesses and establishments, following a 0-5 number rating. It is recognised as the national indicator of hygiene standards in pubs, restaurants, takeaways, clubs and cafes in England, Wales and Northern Ireland. When inspecting food businesses, environmental health officers assess three key areas – food hygiene and safety procedures, structural compliance and confidence in management.

Berlin encourages Generation Z to go clubbing by giving out youth culture cards: The Senate Department for Culture and Europe in Germany is giving young people €50 to go out and enjoy the country’s capital Berlin’s cultural venues and events. Starting from this month, Berlin youths aged between 18 and 23 can sign up for a Jugendkulturkarte, or youth culture card, that comes with credits that can be spent at 200 venues across the city. This includes theatres, museums, and nightclubs. The Berlin authorities hope the initiative can help revitalize the city’s entertainment and cultural venues. Klaus Lederer, senator for Culture and Europe, said: “Participation in art and culture for all Berliners is very important to me. The youth culture card for 18 to 23-year-olds is aimed at a young audience who are just getting to know Berlin’s diverse cultural landscape after the restrictions of recent years.”

Job of the day: COREcruitment is working with a food and beverage company that is seeking a HR director. A COREcruitment spokesman said: “This role will focus on the operations as well all head office functions to allow the UK team to provide the best possible quality of service to its customers. Some of the responsibilities will be to assist with the management of all budgets in line with financial procedures and manage the HR budget economically; deal with all employee relations issues; review, adjust, implement, and manage all aspects of remuneration, bonuses and benefits; and develop, implement and communicate effective systems of performance management so the company's HR is maximised.” The salary is up to £95,000 and the position is based in London. For more information, email gemma@corecruitment.com

 

Liberum – JD Wetherspoon’s model being put ‘under further stress’ by declining volumes ‘making it more perilous to push prices further’: Liberum leisure analyst Anna Barnfather has argued JD Wetherspoon high volume, low margin model is being put “under further stress” by its volume decline and “makes it more perilous to push prices further”. In her latest menu and pricing analysis, which compares a sample of site menus between 2019 and 2022, Barnfather said Loungers has “got the best balance and can sustain momentum”, while JD Wetherspoon “appears less focused and most challenged”. She said Loungers, Tortilla and The Restaurant Group (TRG) are best placed to maintain growth momentum due to simplifying menus and maintaining competitive pricing to drive volumes. But she is more cautious towards Wetherspoon, which “despite continuing to offer inexpensive food and drink, looks reliant on an expanding low-priced food menu to drive sales”. She said: “This adds complexity and is likely to weigh on margins, which are already the lowest in the sector. It is also the most challenged from a volume perspective, which puts the highly operationally geared business model under further stress and makes it more perilous to push prices further.” Using the increase in price on a family meal as a proxy for average price increases between 2019 and 2022, the study compared this with the reported like-for-like sales growth, which showed Loungers leading the way for volume recovery (up 0.8% versus 2019) and JD Wetherspoon bottom (down 22.4% versus 2019). Barnfather said: “While our analysis risks overstating JD Wetherspoon’s volume decline by not capturing its full drinks range to account for sales mix, the gulf in performance is still telling, especially given its food sales have been doing better than drinks sales. This presents a significant challenge for JD Wetherspoon’s high volume/low margin model, especially considering it has been opening increasingly larger pubs, increasing in size from circa 3,600 square feet prior to 2013 to more than 6,000 square feet more recently. We think this approach is most representative of volume changes and tallies with what we are hearing anecdotally.” For completeness, Barnfather said she also compared the like-for-like sales performance to average price increases on the same menu items. “This paints a bleaker picture, with volumes down by a similar degree for Wagamama, Tortilla and Loungers,” she added. “Even these decreases of circa 4.0-5.0% look relatively modest when compared with TRG’s leisure division and Wetherspoon, down 18.2% and 26.8% respectively.” The study also calculated implied movement in volumes by deducting 2022 versus 2019 price inflation on a family meal from like-for-like sales growth. Barnfather said. “Although impossible to accurately calculate, we believe volume is the key indicator of long-term success and is most indicative of customer relevance, resilience and future pricing power.”

 

Megan’s on track to deliver more than £26m of revenue in current financial year, six openings planned for 2023: Megan’s, the fast-growing, cafe and deli concept, has said it’s on track to deliver more than £26m of revenue for the 12 months to March 2023, with recent trading being “exceptionally strong”. It comes as the company opened at the old town hall in Richmond, south west London, for its 19th site – one of six openings planned for 2023. The 150-cover restaurant spans two floors of the property in Hill Street and follows on from its latest opening in Welwyn Garden City in Hertfordshire. The business, which said it has continued its 100% record of profitable new openings, recently announced it had secured £5m in bank debt to ramp up its expansion and freehold property strategy. “Our financials speak for themselves; we are delivering what we consider best-in-class Ebitda conversion and we look forward to building on this financial success with the opening of site number 19 in Richmond,” said finance director Gill Clements. “We have bold ambitions for the growth of Megan’s, and we will open six locations this year with site number 20 – Guildford – opening in April.”

 

Chipotle – we remain encouraged by the performance in Europe, plans to add ‘a few’ additional UK sites: Brian Niccol, chief executive of US brand Chipotle, has said the business remains encouraged by its performance in Europe “despite a challenging macroeconomic backdrop” and it plans to “add a few additional locations in the UK” this year. The group currently operates 13 sites in the UK – including 12 in London, six in France and a couple in Germany. Speaking after the brand’s fourth quarter update, Niccol said the company would continue to open restaurants in Europe at a “measured pace”. He said: “We remain encouraged by the performance in Europe despite a challenging macroeconomic backdrop. In 2023, we plan to add a few additional locations in the UK, and we are also rolling out our digital capabilities to further expand access. We remain optimistic about the growth opportunity, and we will continue to update on Europe’s progress of the stage-gate process along the way. When you look at Europe, the top line is really performing. And frankly, we’ve been much more patient on pricing there because we want to make sure that people have the right experiences with Chipotle. So, there’s a lot of inflation that we’re still dealing with in Europe. But we like what we’re seeing; the good news is feedback on the experience is really very positive, and the most recent restaurants that we’ve opened are performing really well. So, we’re just taking our time with it because unfortunately, the last three years have not been normal in any way.” Last summer, the company opened its first regional site in the UK, in Watford. It followed that with an opening near the end of the year, in West Hampstead. The business has also been linked with an opening in East Dulwich.

Lane7 to open 17,000 square-foot London flagship site: The owner of boutique bowling company Lane7 and gaming and entertainment venue Level X will mark the London debut of the former concept with the opening of a 17,000 square-foot flagship site. Earlier this week, the company announced it was to open two new London sites and make its European debut. The ambition is to open in Victoria towards the end of the year, with another as yet unnamed site also in progression. Propel understands that the Victoria site will be 17,000 square feet and located on the former Mango and Hugo Boss sites on Victoria Street in Land Securities Zig Zag development. The site will be spread over three floors with “double-height return frontage”. The company will also add a second site in Birmingham’s Bullring, which will be the group’s largest venue yet, adding to another imminent Lane7 opening in Bath this month. The Tim Wilks-led group will also start European expansion with a site in central Dublin, also due to open before the end of the year. Will Biggart, of Torridon, acts for Lane7.

Pure back on expansion trail, plans handful of new openings: Healthy food-to-go concept Pure is set to go back on the expansion trail after reopening its flagship site in London’s Waterloo Station. Most of the food and beverage and retail sites in the station were closed for refurbishment last year, and Pure is among a number reopening over the coming months. The company, which operates 20 sites across London, plus a site at Gatwick airport and two catering hubs for corporate clients, said: “With London footfall back in full swing, this will be the first opening of 2023 for Pure as it gets back on the expansion trail again. The refurbished Pure shop has been built sustainably, reusing and repurposing previous fixtures and fittings. It has also improved the customer experience by adding digital menu boards and an extra 20 seats for station users. But what hasn’t changed is the healthy breakfasts, delicious lunches and great coffees that make Pure the first choice in food-on-the-move for its customers.” Pure chief executive and founder Spencer Craig said: “Temporarily closing Waterloo Station in August 2022 after the severe impact of covid was the bitterest of pills to swallow, but this also makes the reopening even sweeter. The shop looks fantastic and I’m so proud of the passion shown by our team. I cannot remember the last time we were this excited for an opening. London is buzzing again, and this will be the first of a handful of openings for Pure over the next 12-18 months. We cannot wait to put pleasure back into the lives of hundreds of thousands of customers as they pass through Waterloo Station.”

Prezzo appoints Andrew Davill as chief operating officer: Prezzo, the Cain International-backed Italian dining group, has appointed Andrew Davill, formerly of David Lloyd Leisure, as its new chief operating officer, Propel has learned. Davill joins the 148-strong business after more than 30 years with the gym operator. For 11 years, he was a regional director at David Lloyd Leisure, and more recently spent four years as the chain’s head operational workflow, communication and supply chain. Last September, Prezzo announced that Dame Karen Jones would step down as its executive chair. Jones, who is also chair of Hawksmoor and Mowgli, and sits on the board of Deliveroo and Whitbread, continues to work with the brand as a special advisor. Jonathan Goldstein, chief executive of Cain International, became Prezzo’s new non-executive chairman. Prezzo said the chair transition followed the construction of a new management team over the past 12 months, with the appointments of Dean Challenger as chief executive, Matt Prior as chief financial officer, Gwion Iwan as operations director, Olly Smith as chief culinary officer and Mary Waldron as people director.

Six by Nico team confirms launch of new bakery concept Valaria: The team behind the Six by Nico restaurant brand has confirmed it will launch a new bakery concept called Valaria later this month, in Glasgow’s West End. As revealed by Propel last month, the business will open the “new patisserie and baking lifestyle brand” at 333 Byres Road next week (16 February). The new concept has been described by the team at Six by Nico as “the most opulent cakes and baked goods Glasgow has ever seen”, serving “skilfully decorated cakes, bakes, breads, chocolate and confectionery”. General manager of Valaria, Ronan Mallon, said: “We are launching Varalia with a new concept store for the first time, debuting our signature bakes and goods that will be freshly prepared on site. The patisserie will be a new experience for Glaswegians, and our team is looking forward to showcasing our sumptuous products.”

Awesome Chips reports 20% rise in January lfl sales: Belgian frites concept Awesome Chips has reported a 20% increase in like-for-like sales in January compared with last year. Founder Roni Dalal said his three shops – in Birmingham, London and Leicester – served up more than 15,000 portions of chips alone in the first month of the year. “Chips offer a value for money meal, and topped with our sauces, rubs and spices, the awesome combination is too tempting to resist,” he said. “We have ensured our shops are in visible locations with a high footfall, and now consumer confidence is returning to the high street following the pandemic, the quality, affordability and wide appeal of our top-class product is attracting repeat custom, despite the cost-of-living crisis. For prospective franchisees, this proves that even in more challenging economic times, Awesome Chips offers a unique opportunity to build a profitable franchised business with the chance to expand with the brand.” Awesome Chips launched its franchise model last month, as well as unveiling plans to roll out across the UK and Europe. Earlier this month, Dalal said the business is set to open five UK franchise sites by the end of 2023.

New group plans flagship restaurant opening in Chelsea: A new group which includes Fraser Carruthers, one of the founders of private members’ club Albert’s, is planning to open a flagship restaurant in London’s Chelsea. Propel understands that the new venture has lined up an opening on the former Ecco site on the corner of King’s Road, under the working title Los Lobos. Carruthers was part of a joint venture that brought nightclub brand Mahiki to Kensington. He founded Albert’s in Old Brompton Road with Jake Parkinson Smith and Carlo Carello. In 2020, he teamed up with celebrity Calum Best and chef-model Georgia Salamat to launch delivery-only concept Poké the Bear.

London hotel group narrows losses but turnover behind pre-pandemic levels: London & Regional Hotels, which owns and manages an extensive hotel portfolio with more than 23,000 bedrooms across the UK, Europe, US and Caribbean, narrowed its losses in the year ending 31 December 2021, but turnover remained behind pre-pandemic levels. Pre-tax losses came down from £110m in 2020 to £18m, compared to a pre-tax profit of £6m in the last full year before the pandemic, ending 31 December 2019. Turnover rose from £118m in 2020 to £223m but remains behind the last pre-pandemic figure of £447m, in 2019. Of the £223m turnover, £95m was from UK operations, £89m from the US, £25m from Spain, £8m from Greece and £6m from Barbados. It received £15m in furlough payments (2020: £4m). Total staff numbers fell from 2,057 in 2020 to 1,874. The group’s net asset value decreased by £9m to £679m (2020: £688m) principally due to foreign currency gains offset by the loss for the year. Group cash at 31 December 2021 increased to £190m (2020: £188m). The group said it continues to “focus on creating value and maximising cash flow through proactive asset and financial management”. It added: “The directors expect the group to remain active in acquiring further assets and note that the group remains well positioned to capitalise when such opportunities arise.” London & Regional Properties, the original founding company of London & Regional Hotels, was created by billionaire brothers Richard and Ian Livingstone in 1990. It has become one of Europe’s largest privately owned property companies, with a worldwide investment and development portfolio of approximately £9bn.

Bristol operator Bianchis Group to raise prices to avoid ‘shutting for good’: Bristol operator Bianchis Group has said it needs to raise prices or close its sites for good. Ben Harvey and Dom Borel opened Pasta Loco in Cotham Hill in 2016 and have since gone on to launch Pasta Ripiena and Cotto in the Old City, Bianchis in Montpelier, Pizza Bianchi in the Clifton Triangle, and Centrale in Easton. “Reopening all our sites was one of the hardest feats we had ever experienced, but it soon became clear that this new pasture was not to be as green and happy as we’d hoped for,” the duo said, explaining that keeping wages the same or higher “was the right thing to do” despite the financial hit. At Pasta Loco, the landlord originally demanded a 70% rent increase, which Harvey and Borel fought down to 40%. At Bianchis, energy bills have increased from £1,500 per month to £4,500 per month. Harvey and Borel added: “We have recently completed our financial review of 2022, and although our turnover backs up the fact that we are one of the busiest restaurant groups in Bristol, our profit was less than 1%. That profit margin means we are now operating in a high-risk zone, with an inadequate financial safety-net in a tumultuous financial environment. So, in order to maintain our philosophy, our working practises and our survival as a business, we are raising our prices across our sites. You will be seeing a significant price increase across food and wine between now and the spring. We trust that you understand the predicament that we find ourselves in. We have no other option, it’s this or we shut our doors for good.

Young’s opens new City of London wine bar: Young’s has opened a new wine bar, The Bishop’s Vaults, in the City of London. Located on Swedeland Court in Bishopsgate, behind fellow Young’s pub Dirty Dicks, the venue is set across two floors. These comprise of a 50-cover ground-floor bar and a further 100 covers in the basement, both of which are open for walk-ins, bookings and private hire. Previously Boisdale of Bishopsgate, the space has been transformed into an intimate wine bar offering a premium wine list, along with a selection of cheese and charcuterie plates from British suppliers. The wines include hidden reserves such as the Italian Masi Amarone and Ferraton Condrieu from France, along with a concise list of champagne and sparkling wines and a selection of classic cocktails and alcohol-free options. Open from 12pm-11pm, Tuesday to Saturday, The Bishop’s Vaults joins Young’s 226-strong portfolio of pubs, bars and hotels.

Greene King invests in online reputation management platform for leased and tenanted business: Brewer and retailer Greene King has invested in a customer experience and online reputation management platform that all its leased and tenanted licensees will be able to use for free. Using Reputation will Greene King’s pub partners establish and improve their online presence including their website, social media accounts and online listings. The platform also enables licensees to read and reply to customer reviews in one place. Greene King said pub operators can understand their online performance and make data-driven decisions to grow their reputation online. The company’s managed pub business has been using Reputation for more than four years, which Greene King said has resulted in improved pub online presence and review scores, contributing to improved sales and footfall. Wayne Shurvinton, managing director for partnerships and ventures at Greene King, said: “Our investment will help our partners improve their online presence, which in turn should drive footfall to their pubs, and ultimately enable them to grow their businesses.” 

Farang head chef launches retail range of Thai sauces and pastes: Seb Holmes, head chef at four-time Michelin Bib Gourmand-winning London Thai restaurant Farang, has launched a retail range of Thai sauces and pastes. Payst, a range of Thai-inspired dipping sauces, stir-fry sauces and curry pastes, is made freshly in kitchens at Farang by Holmes and his team. It is now available in stores across the UK, including Harrods, Selfridges and Daylesford Farm Shop. The curry pastes retail at £4.25, the dipping sauces at £5.95 and the stir fry sauces at £5.49. Holmes, formerly head chef at Soho Thai barbecue restaurant Smoking Goat, said: “Covid played a huge role in the birth of Payst. When the country was forced into lockdown and we had to shut our doors, we very quickly pivoted the business to keep bringing the flavour under the belief that just because you can’t leave your home doesn’t mean you can’t explore through taste! The day the hard lockdown was announced, my team and I picked up the phones and rang every booking we had over the coming weeks and months. We offered everyone the chance to pick up their meal or deliver it to their door if they were local enough to us. Customers repeatedly asked if they could get our sauces as a side to use later in their own meals, and that’s how Payst was born. This is the start of a much wider range focused on bringing the tastes of Thailand to every kitchen across the nation, without compromising flavour or freshness.”

Former The Ivy Collection and Barbecoa GM to open second restaurant in just over a year: Florian Rusta, a former general manager at The Ivy Collection and Jamie Oliver’s Barbecoa, is to open his second restaurant in just over a year, in Bath. Rusta, alongside his brother Samir, and Gazmend Gashi and Dani Quagliett, opened The Square Grill restaurant and piano bar near Bath’s Abbey Churchyard at the end of 2021. They will now follow this up with the opening of the restaurant Edesia in the city’s High Street at the start of next month (1 March). Florian Rusta said: “Even after working in the restaurant industry for over 15 years, the decision to join my brother and open a new restaurant was a big one. Square Grill has been an incredible journey with many lessons learned along the way. But with the success of our first venture, I'm confident that Edesia will be just as successful. Located just around the corner from Square Grill in the heart of Bath city centre, we have created a restaurant where our guests won't just feel like they're out to eat, but that they’re entering a whole new culinary experience. – think Great Gatsby meets South American cuisine.”

Adnams announces non-executive director changes: Suffolk brewer and retailer Adnams has announced changes to its non-executive directors. Guy Heald, who is a major shareholder and been on the board since April 2015, intends to retire at the company’s annual general meeting (AGM) this year. He is set to be succeeded by his son, Andrew, who has extensive experience in hospitality and is a director of Fisher Gin and The Hotel Folk Group, both in Suffolk. Meanwhile, Nicola Dulieu, who has been a non-executive director since May 2014, will not be offering herself for reappointment at the AGM. Adnams has appointed Sacha Berendji, currently operations director at M&S, as a non-executive director.

Hampshire luxury hotel launches new health and wellness facility with menu from Skye Gyngell: Hampshire luxury hotel Heckfield Place has launched a new health and wellness facility, with a menu from Michelin-starred chef Skye Gyngell. The Bothy by Wildsmith at Heckfield Place is set to open its door in April, located via a secret door in the House’s original walled garden and offering views across the Hampshire countryside. The 17,000 square-foot space will feature six treatment rooms, outdoor hydrotherapies, healing thermal experiences and three movement spaces. The Sun Room, meanwhile, will offer a small plant-based menu from Gyngell, who won a Michelin star while head chef at Petersham Nurseries Cafe and who has been culinary director at Heckfield Place’s restaurants since 2012.

Hertfordshire hotel and golf course operator returns to profit: Hertfordshire hotel and golf course operator Manor of Groves has reported turnover rose to £17,847,057 for the year ending 31 January 2022, compared with £6,118,296 the previous year, as a result of fewer restrictions caused by the covid pandemic. However, revenue remained below the £18,415,512 reported for the year ending 31 January 2020 – the year before the pandemic. The business made a pre-tax profit of £138,853 compared with a loss of £1,110,249 the year before (2020: loss of £749,875). The company received government grants of £769,139 (2021: £4,157,102). A dividend of £78,700 was paid (2021: £78,700). Manor Of Groves is an 80-bedroom hotel, golf course and leisure club situated in 150 acres in Sawbridgeworth. The company also operates the Shendish Manor Hotel & Golf Course in the county.

The Stock Exchange Hotel confirms March opening for Schofield brothers’ British brasserie: The Stock Exchange Hotel, the Manchester city centre hotel owned by Gary Neville and Ryan Giggs, has confirmed a March opening for the Schofield brothers’ new British brasserie within its premises. Propel reported in December the Schofields’ The Stock Market Grill would replace the restaurant run by Michelin-starred chef Tom Kerridge at the luxury hotel. The restaurant will now open on Wednesday, 1 March, where the Schofields will be joined by wine expert James Brandwood, formerly of Schofield’s Bar, Atomeca and Sterling. Set in what was once the Exchange’s trading floor, the restaurant, led by head chef Joshua Reed-Cooper – previously of The French, Where the Light Gets In and at Michelin-starred Mana – will offer an all-day menu of “classics using quality local ingredients”. Dishes will include chicken liver parfait with sauternes jelly and sourdough toast; tranche of brill with borderlaise and grilled onion; and mangalitsa pork chop with Yorkshire rhubarb ketchup.