Boxpark reports strongest ever November and December, in discussions on several new sites, reports turnover up 178% to £18.9m: Simon Champion, chief executive of Boxpark, has told Propel the hospitality and leisure operator has enjoyed its best ever November and December and is in discussions on several new sites. “Last summer was very strong, and while we were expecting a big November and December due to the World Cup, it turned out to be our best ever,” he said. “We’re pretty happy with our performance.” Boxhall venues are due to open in Bristol this summer and London’s Liverpool Street early in 2024 – plus a new Boxpark in Liverpool opening in between. Beyond this, Champion said the business is in discussions on a number of other sites and is “pretty close” on some. “We’ve not slowed down our roll out and we’re on course for our aim of two to three new sites a year – half in London and half out – and should have three more in 2024,” he added.” It comes as Boxpark said it has repaid its loan or circa £2m from Croydon Council, used to finance the construction of Boxpark Croydon, in full from cash flow. This after it reported turnover increased 178% to £18.9m for the year ending 30 April 2022 compared with £6.8m the previous year, and Ebitda of £5.1m. Revenue also rose by a quarter (24%) in comparison with the year ending April 2020, driven by several strategic changes made across the business. The growth follows LDC’s investment in Boxpark in September 2021, which it said has enabled significant investment across all operational aspects of the business to enhance the customer experience. Boxpark introduced the option of mobile ordering of both food and drinks directly to tables immediately after reopening from covid-19 restrictions, but this has now been developed further into a multi-basket ordering system, enabling customers to order from multiple different traders all in one transaction. Boxpark has also invested heavily in its “Black Card” loyalty card programme, which has more than one million active users and enables the group to focus on hyper-targeted communications and bespoke offerings. Boxpark has also invested heavily in its people, with a new employee benefits and training scheme. Champion added: “We are delighted with our 2022 results and the changes we were able to make to our business in that period to enable us to grow further. We are hugely excited for the next few years.” 

 

Sixth UK Food and Beverage Franchisor Database to feature 15 new companies, released on Friday: The sixth UK Food and Beverage Franchisor Database, which will be sent to Premium subscribers on Friday (17 February) at midday, will feature 185 companies and more than 85,000 words of content. It will provide insight on the offer, locations, cost and other key details of companies offering a food and beverage franchise in the UK. Several tea and coffee concepts are among the 15 new franchisors featured. Among them is Raining Berries, the US coffee concept founded in 2018 by Bimal Bhojani, which is looking to make its UK debut this year and has ambitious growth plans. Also featured is “new wave coffee shop concept” Bru Coffee & Gelato, which was founded in 2014 and has grown to five locations, with plans to open 30 more in the next three years. Mowchi, a bubble tea and bao buns brand founded last year in Birmingham by Syeda Kayanath, is also featured. So too is Ding Tea, a Taiwanese tea brand founded in 2004, which has 11 UK locations. Premium subscribers also receive access to The New Openings Database; the Propel Multi-Site Database, produced in association with Virgate; the Turnover & Profits Blue Book and Who’s Who of UK Food and Beverage. Premium subscribers have also been given access to the entire recording of the 2023 Restaurant Marketer & Innovator European Summit Conference. Subscribers were sent 30 separate video presentations, featuring more than 80 speakers. 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 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. They 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.

Honest Burgers launches staff consultation process on paid breaks: Honest Burgers, the Active Partners-backed business, has launched a consultation process with staff across its circa 40-strong estate over the removal of paid breaks, in conjunction with pay rate increases. The Evening Standard writes that the business said introducing paid breaks during covid was “frankly a mistake”, and it could no longer afford the £600,000-a-year cost. The company has proposed making the breaks unpaid as this would enable it to afford higher pay rates for team members. The company said it believed the change was being “broadly well received”, and that a wave of cost increases limited its ability to otherwise afford pay increases. The new terms would mean a waiter or chef at the chain would be paid £10.45 an hour, and a shift manager would see an hourly increase of 70p to £12.20 an hour, while head chefs and sous chefs would see an increase of £1 an hour to £15 and £13 respectively. A spokesperson said: “This benefit is one that is quite unusual in the sector, and we are removing it in order to be able to afford higher pay rates for our team members, with increases of 6%-10% for the roles not directly affected by the 10% national minimum wage increase. We are making every effort to be fair to our people and to ensure that the majority of our team members will be better off. These proposed changes have been broadly well received, and we therefore expect to reach mutual agreement with the vast majority of our people.” The new contract is due to come into effect on 1 April, to coincide with the statutory increase in the National Minimum Wage.

Sector companies highlight importance of apprenticeships to ministers: More than 200 people from the hospitality sector came together at the House of Commons for the seventh Hospitality Apprenticeship Showcase. The event brings together MPs and apprentices from hospitality companies to explore the future of the industry and showcase career paths available through apprenticeships. Alun Cairns, MP for Vale of Glamorgan and chair of the All-Party Parliamentary Beer Group, who hosted the event, said: “Apprenticeships play a crucial role in the hospitality industry. They help to support the growth and sustainability of the sector. This showcase is a testament to the talent and hard work of aspiring hospitality apprentices, and it is a privilege to be part of celebrating their achievements.” For the first time, a panel discussion was held that included Tim Painter, HR director of Stonegate; Scott Napier, back of house training manager at Stonegate; Thomas Featherstone, apprentice at Fuller’s; Katariina Reissaar, chair of the Institute of Hospitality’s Youth Council; and Lucy Andrew, deputy director at Department for Education for technical education and qualifications reform. Five apprentices were also awarded for their outstanding achievements in their careers – Tom Foster, of Stonegate Group; Fiat Worthington, of Mitchells & Butlers; Emma Duke, of Umbrella Training; Anthony David, of Marston’s; and Kerry Rafferty, of Greene King. The event also welcomed apprentices from companies including Beds & Bars, Big Table Group, Brewhouse & Kitchen, Fuller’s and Shepherd Neame.

Job of the day: COREcruitment is working with a food retail business operating in London looking for a chief operating officer/vice-president of operations for Europe. A COREcruitment spokesman said: “The next five-year plan for the business involves multi-country growth; the business is not keen to franchise – it wants to operate. It is seeking a driven, dynamic, and energetic character who can establish this brand in new markets. This role will involve everything from property, supply chain and operations. Ideally, it is looking for someone who has experience of launching concepts into multiple markets. The starting date is expected to be this summer.” The salary is up to £200,000 and the position is based in London. For more information, email sonny@corecruitment.com

 

Italian gelato brand Amorino aiming for 50-strong UK estate by 2025 as it escalates franchise expansion plans: Italian gelato brand Amorino is escalating its UK and international franchise expansion having retained food franchise company Seeds Consulting. On the back of its successful post-covid performance in major cities such as London and Leeds, as well as its regional sites like Marlow, the brand is now looking to expand across the UK from 20 to 30 sites by the end of 2023, and 50 by 2025. Amorino was founded in 2002 with the mission of “sharing the true taste of the finest Italian gelato recipes with the world”. Head of international development, Casper Doorten, said: “Amorino’s growth plan for the coming years is based on two pillars: a clear focus on its key markets including the UK and strategic expansion into new territories that will generate high performing stores and ambitious store development.” The brand is “committed to creating the best quality gelato by using only fresh products and no artificial colouring and flavours”. The range includes classics such as Vanilla Bourbon of Madagascar, Amorino chocolate, and pistachio as well as seasonal limited-edition favourites such as bergamot and white chocolate, black pepper and tonka. Matteo Frigeri, founder of Seeds Consulting, said: “Apart from the sheer store count – there are more than 200 Amorino locations worldwide – what sets it apart from other gelato franchises is a strong Ebitda margin, especially considering we are not charging any turnover royalties. We already have a strong, growing presence in central and suburban London and we are now looking to develop more regionally and in shopping and leisure schemes.”

Gordon Ramsay acquires Pizza East brand from Soho House: Gordon Ramsay Restaurants has acquired the Pizza East brand and site in London’s Shoreditch from Soho House Group. It was reported at the end of the year that both Pizza East sites, in Shoreditch High Street and Notting Hill, had been shuttered. However, while the Notting Hill site remained closed, the Shoreditch site reopened after Christmas, but shut again last month. Ramsay has now exchanged on the site and acquired the intellectual property of the brand, which will sit alongside his growing Street Pizza concept. Propel understands that the former Pizza East site in Notting Hill is under offer to a local operator. At the same time, it is thought that Ramsay has placed his Bread Street Café site in Ealing, which opened in June 2021, on the market. The opening on the former Limeyard unit in Ealing High Street was the start of an expansion push by Ramsay, which saw him take advantage of site opportunities thrown up over the course of the pandemic to roll out his Street Burger, Street Pizza and Bread Street Kitchen concepts. In November last year, Propel revealed that Ramsay had added his Street Pizza concept to three of his existing sites, including into the first floor of the Ealing site. Joshua Rose at Raven Rose acted on the Shoreditch deal on behalf of Soho House. 

Danieli Group reports record year as hospitality division bounces back from pandemic: North east operator Danieli Group has reported a record year as its bars and restaurants bounced back from the pandemic. The company – which consists of leisure, care and security companies – has released consolidated figures for the year ended 30 April 2022, which show sales reached £37m, a jump of 31% on the £28.2m it posted two years ago. Pandemic levels of Ebitda of £1.6m, recorded in 2020, increased fourfold to top £6.6m, and pre-tax profit was £3.8m. The figures reflect a marked improvement in trading across its hospitality businesses, which includes Stack, The Muddler and Yolo concepts. Chief executive Neill Winch said the leisure division performed particularly well along with security, but said it was a more challenging year in the care sector. He said: “It was a fantastic year with record sales, Ebitda and net profit, with a net assets recovery ahead of pre-pandemic levels. The year to April 2021 was a challenging one, however our recovery and conversion has been pretty spectacular to say the least and is very comforting. I must stress, however, that this would not have been achieved without the hard work and dedication of all of the employees who work for the group, they are an amazing bunch of people.” Since the year end, the group has restructured both its debt and its corporate make-up and, amid the current economic turmoil, the directors said they are cautiously optimistic about future trading. Following the end of the financial year, the company has unveiled several developments within the group’s leisure division, which includes expansion for its Stack and The Muddler concepts. The Muddler is set to open a second pan-Asian restaurant in Middlesbrough. And while its shipping container leisure hub Stack may have been dismantled in Newcastle to make way for the construction of new HM Revenue & Customs offices, the concept is opening new sites in Carlisle, Lincoln, Durham and Bishop Auckland. It will also relaunch in Newcastle city centre within the Pilgrim Street redevelopment project, spearheaded by the billionaire Reuben Brothers. Winch added: “We know from experience how much Stack appeals to people of all ages, and we look forward to replicating the success we have had at other sites.”

Vue screens financial backers for tilt at rival Cineworld: Europe’s biggest privately owned cinema operator has lined up financial backing from its new shareholders to help assemble a takeover tilt at Cineworld, its stricken rival. Sky News reports that funds managed by Barings and Farallon Capital Management have agreed to provide capital to Vue International to support strategic acquisitions. City sources said that Vue, with support from the two funds, would be among the bidders for Cineworld ahead of a deadline set by the latter’s advisers later this week. Cineworld, which is listed in London and, like Vue, ranks among Britain’s biggest cinema chains, has filed for Chapter 11 bankruptcy protection in the US, and is now running a formal auction of its assets. Last month, the company announced it would “run a marketing process in pursuit of a value maximizing transaction for the group’s assets, focused on proposals for the group as a whole”. It added: “Cineworld has not initiated, and does not intend to initiate, a separate marketing process for the sale of any of its assets on an individual basis.” Cineworld’s shares have slumped by 90% during the last year, and the entire group now has a market value of less than £60m, reflecting the fact that investors face being wiped out in any sale.

Padel operator gears up to open UK debut site: Scandinavian padel operator Rocket Padel is gearing up to open its debut UK site this spring, in Bristol, as part of plans to open up to 20 new sites across the country. Rocket Padel will launch its debut centre in what was formerly a dilapidated industrial unit in Bristol’s St Annes area, in April. Through the redevelopment of the site, Rocket Padel said it will “aim to bring a new and exciting use to the local community, introducing new players to the sport, all while highlighting the social element that padel is so often known for”. Rocket Padel is represented by Savills and is working with the property advisor to secure a further ten to 20 sites throughout the UK as the sport continues to grow. Sites are being sought from 15,000 up to 60,000 square feet, to build a minimum of six courts, in major cities such as London, Birmingham, Oxford, Cambridge, Manchester and Edinburgh. Carl-Henric Heimdal, director at Rocket Padel UK, said: “The facility, which will be the largest padel venue in the UK, is strategically located for easy access by car, bus and bike/e-bike, and we are now looking for further opportunities like this throughout the UK. Together with Savills, we have developed a process on how to take advantage of disused facilities and convert them into sporting facilities, and we are certain there are plenty of spaces just waiting to be altered.”

Edinburgh brewer launches £280,000 fundraise to help open Scotland’s first specialist alcohol-free brewery: Edinburgh brewer Jump Ship has launched a £280,000 fundraise to help open Scotland’s first specialist alcohol-free brewery. Founded in December 2019 by Sonja Mitchell, on the back of a successful crowdfunding campaign with her flagship beer, Yardarm, Jump Ship has now expanded its core range to four beers, as well as two seasonal releases and two collaborations. It has tripled it sales in the last two years, including 240% growth in wholesale in 2022, driven by strong growth in the on-trade, and is listed with more than 130 independent stockists. It has also made exports to the US and Finland, with a planned roll out to a further 300 Finnish stores this year. The company is now looking to raise £280,000 on Seedrs, with 71% of proceeds going towards installing the brewery and 29% towards expanding the team, by hiring a national account manager and digital marketing manager. The campaign has so far raised £262,569 from 87 investors with 30 days left. Investors are being offered 11.29% equity, giving the business a pre-money valuation of £2.2m. Jump Ship sells directly to independent restaurants, bars and bottle shops with a focus on premium outlets, including Buzzwork Holdings and the Signature Pub Group. Future growth plans will focus on expanding distribution to multiple retailers, strengthening its position in the on-trade and growing direct-to-customer sales. Mitchell said: “From the very start, I always wanted to set up our own brewery, to push the boundaries in no and low-alcohol brewing. We’ve found a beautiful site, just outside Edinburgh, where we can install Scotland’s first specialist alcohol-free brewery, and we’re due to sign the lease shortly. Our brewery will be a place where we can continue to refine, perfect and craft our beers – and a place where you can join us for a pint and a brewery tour.”

Cattle Grid founder to launch New York Italian-inspired venue, closes Chiswick site: Steve Novak, founder of steakhouse concept Cattle Grid, will add to his London estate of bars and restaurants with the opening of a New York Italian-inspired venue next month, in New Malden. Novak has lined up the former Lloyds bank in New Malden High Street for Harlem NYIT, a bar and diner. He currently operates Hannah in Battersea, wine bar Heidi in Balham and two pubs – The Earlsfield in south west London and The Charlotte in Southwark. He also operates the last remaining Cattle Grid site, in Windsor. Last month, he took the decision to close the restaurant-bar Betty in Barley Mow Passage, Chiswick, less than two years after it had opened. Marc Rogers at MKR Property acted on the New Malden deal. 

Megan’s lines up Farnham and Twickenham openings: Megan’s, the fast-growing cafe and deli concept, has secured new openings in Farnham and Twickenham. The 19-strong group, which most recently opened in Richmond, has secured the ex-Natwest Bank site in Twickenham’s King Street, for the opening of a 4,300 square-foot restaurant later this year. At the same time, it is set to open on the former Argos store site in Farnham’s West Street. The company will open its next site in April, when it moves into the former Moss Bros unit on Guildford’s High Street, where it will be Megan’s by the Castle. Earlier this month, the company said it was on track to deliver more than £26m of revenue for the 12 months to March 2023, with recent trading being “exceptionally strong”. 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.

Red Oak Taverns to acquire Ipswich pub: Red Oak Taverns, the national pub operator founded by Aaron Brown and Mark Grunnell in 2011, has exchanged contracts to buy the freehold of the Thomas Wolsey pub in Ipswich. The pub, in St Peter’s Street, is named after the town’s famous 16th century statesman and Catholic bishop Thomas Wolsey and dates to the 17th century. The acquisition is the second for Red Oak in 2023, and it is seeking independent operators to take over the pub on either a tenancy or lease basis. Property director Graeme Bunn said: “This excellent addition to our diverse pub estate is part of our ongoing focus to grow the Red Oak pub business further through a strong acquisition strategy.” The sale was brokered by Simon Jackaman, of Fleurets. Red Oak operates circa 210 sites.

M&B brings Browns back to Cardiff: Mitchells & Butlers (M&B) has opened a new site under its Browns Brasserie & Bar brand in Cardiff, eight years after it left the city. As reported by Propel last July, M&B has launched the site on the ground floor of the Marriott Hotel in the city’s Mill Lane. Browns used to have a site at The Friary in the city centre until it closed in 2015. The new venue, which has a 1920s-inspired interior, also features a large outdoor terrace. Dean Arnold, general manager at Browns Cardiff, said: “Bringing a new Browns to the beautiful and historic setting of Cardiff is a fantastic opportunity for the brand and local area.”

Flat Iron secures approval for regional debut site: Flat Iron, the Piper-backed affordable steak concept, has secured planning approval for what will be its first regional site, in Cambridge. At the end of last year, the 11-strong, Tom Byng-led business submitted a planning application to open a site in the former NatWest bank building in Cambridge’s Market Street. It has now secured approval of the plans from the local council. Propel revealed last October that Flat Iron is set to open in London’s Kensington this spring. The business has secured the ex-Le Pain Quotidien site in Young Street for what will become its 12th site in the capital. Propel understands Flat Iron is looking for further opportunities to grow this year, both in London and regionally.

Cheshire health club chain turns first profit in seven years with turnover almost back to pre-pandemic levels, record levels of members join following CVA: Cheshire health club chain Total Fitness Health Clubs has turned its first profit in seven years, with turnover almost back to pre-pandemic levels. The company, based in Wilmslow and operating 15 sites, also said membership is back to pre-covid levels as record numbers joined in the year ending 30 June 2022. In its accounts for the period, the company reported a pre-tax profit of £961,000 compared to a loss of £8,518,000 in the 18 months to 30 June 2021. Turnover rose from £26,630,000 in 2021 to £36,085,000 and is almost back to the last pre-pandemic figure of £37,253,000 in the year to 31 December 2019. Ebitda rose from a loss of £10,321,000 in 2021 to a profit of £4,841,000. During the period, the company closed its Crewe site, resulting in £123,000 in redundancy fees and £29,000 in site closing fees. This followed, during the prior year, its Huddersfield site failing to reopen following the lockdowns, leading to the lease being surrendered. Employee count fell from 679 in 2021 to 632. The company made back £125,000 by giving up several car parking spaces at one of its sites. It also received £315,000 in government grants (2021: £5,710,000). The company went through a CVA in 2021 after losing 20% of its members, which chief executive Sophie Lawler said gave it the “air cover to keep reinvesting” and re-gear its cost base, rebuilding its IT infrastructure and refurbishing some of the clubs. In his report accompanying the accounts, Total Fitness chief financial officer Jasvir Sanghera said: “During the year, the business restored its member base on a like-for-like basis to pre-pandemic, joining a record number of new members. The underlying macro trends which were driving sector growth pre-covid remain forecast to grow post-­covid, with industry outlooks projecting further growth to a market penetration of 20% (from 15% pre-covid) by 2030 (an addition of five million members). For Total Fitness specifically, the post-covid landscape favours the suburban, destination model, and with the scale/space to afford members the distancing and workout space they now demand. The joiner trend supports this thesis, with 44% of joiners surveyed post-re­opening being ‘switchers’, with the majority choosing to ‘trade up’ from low-cost budget gym chains. This suggests a more proposition-conscious purchase decision making process with breadth of variety, space and availability noted as being key drivers.”

Wendy’s and Wingstop confirmed for Wood Green: Landlord Capital & Regional has confirmed it has secured new openings from Wendy’s and Wingstop UK in London’s Wood Green. As previously revealed by Propel, both brands have signed to open in The Mall. Last week, Lemon Pepper Holdings, which is rolling out Wingstop across the UK, reported it saw average weekly sales exceed £1m at the end of 2022, as it secured its first standalone unit on a retail park. The company, which operates 29 sites across the UK, acquired the former Bella Italia at Gallions Reach Retail Park, Beckton, east London. The 100-plus cover restaurant was acquired off-market and is expected to open late March/early April. Last year, the business opened 11 new locations and saw more than 2.2 million customers served across the country. Lemon Pepper Holdings said it expects to exceed 2022 development numbers, with several new locations already secured for the year. Propel understands it is currently in talks on its first site in Wales, in Cardiff.

Roxy Leisure opens second Birmingham site: Roxy Leisure, the operator of the Roxy Lanes and Roxy Ballroom concepts, has opened its Birmingham site. The venue has launched at 1 Victoria Square, which had stood empty since Kong decided not to reopen after the pandemic. The site features activities including American pool, basketball, ping pong and shuffleboard as well as two karaoke rooms, crazy pool, duck pin bowling lanes and beer pong. The food menu features hand-rolled Italian pizzas, “Roxy Dogs” and an array of side dishes. Drinks include cocktails, spirits, wine and draft beer. Birmingham is the fourth city in the brand’s portfolio to receive a second site following Leeds, Liverpool, and Manchester. The group has also rebrand its site in Birmingham’s Digbeth area to a Roxy Lanes, to mark the shift in focus from ball games to bowling. The Roxy Leisure group currently has 14 sites across the UK, with Cardiff set to open next month.

Star Pubs & Bars invests £200,000 rolling out targeted free pint vouchers: Heineken-owned Star Pubs & Bars is investing £200,000 rolling out targeted free pint vouchers using geolocation for key occasions and calendar opportunities throughout 2023. It follows a trial during the 2022 Six Nations and summer trading period, when more than 2,500 vouchers were redeemed. The investment is part of Star Pubs & Bars’ strategy of driving trade to its pubs via events in what is expected to be a challenging year for the sector, and insight from the company revealing a move away from spontaneous pub visits to more planned ones. Star Pubs & Bars is funding the full cost of the retail selling price of the pints at each pub, crediting licensees weekly, while vouchers will be tailored to the occasion. Cathy Olver, Star Pubs & Bars’ head of marketing: “2023 is about putting our pubs at the heart of major calendar events and creating experiences that consumers can’t replicate at home. With consumers feeling the pinch, promotions have a greater role to play than ever. Our trials prove that the timely provision of free pint vouchers using geolocation can be a deciding factor in which pubs customers choose. We want all the money to go into our licensees tills as well as increase footfall. Unlike most voucher redemption schemes, we will be reimbursing pubs for the full selling price of the pints directly into their accounts rather than providing a credit to be used against future product purchases.”

Southampton brewery Unity goes into liquidation: Southampton-based Unity Brewing Co has gone into liquidation. The company raised £200,000 in 2019 through a crowdfunding campaign to move to a larger premises in Princes Street to double its brewing capacity and add a taproom. In a note to shareholders, founder and head brewer Jimmy Hatherley said: “It is my heavy-hearted responsibility to let you know Unity Brewing Co has entered liquidation. Since the first lockdown almost three years ago, trading has been a daily battle, and despite weathering many storms, the last few months of rising costs, debt and difficult sales have made it impossible for us to continue the company. We have explored all possible avenues to remain trading and save jobs and investments, including an attempt to sell the business, which was unfortunately unsuccessful at the 11th hour. This means we have to hand the keys to the liquidators. I am gutted to make this announcement to you all. I can’t thank you enough for your faith in Unity and all your support – we genuinely couldn’t have done the great things we achieved without you. I am so sorry you have lost your investment.” Hatherley said the Unity bottle shop and tasting room at 45 Bedford Place in the city will continue to trade, “albeit soon under a new brand”.

Freehold investment in Stonegate site sold for circa £2.2m: The freehold investment of the property housing the Rose & Crown near London Bridge has been sold to a private investor for £2,190,000. The property, in Union Street, comprises a public house, trading as Rose & Crown and operated by Pub Love, let to Stonegate Pub Company, with a further 23 years unexpired. The price reflected a net initial yield of 3.50%. Jack Silvani, director at Coffer Corporate Leisure, who advised the purchaser, said: “Over the past three months, investment transaction volumes have dropped significantly in all sectors – in some, this has led to little or no transactions taking place at all. Leisure has proven more robust than most and there remains sufficient demand for long-term, defensive assets – particularly in London, where in some instances pricing has only softened marginally. While we expect volumes to remain subdued, we believe pricing has stabilised. This is in part because the supply of quality assets remaining is limited.”

Corporate catering platform EatFirst acquires healthy office food-ordering company Feedr: Corporate catering platform EatFirst has acquired healthy office food-ordering company Feedr. EatFirst, founded by Adrian Frenzel in 2018, offers corporate catering, meal plans and pantry services, with more than 2,000 suppliers serving more than 5,000 businesses in Europe and Australia. It has bought Feedr from Compass Group UK & Ireland, which has owned the former digital start-up since 2020, for an undisclosed sum. Feedr, which operates sites across Dublin, Edinburgh, London and Manchester, helps companies provide employees with sustainable, personalised and nutrition-led food through lunches, group catering and pop-ups. Frenzel said: “We are thrilled to have acquired Feedr. We have always admired the company for the delight they create at their customers’ offices and its strong technological foundations. We are looking forward to offering our joint UK customer base an even larger and more refined service. In addition, we will expand Feedr’s offer to our European markets, where we see great potential for growth. It’s also been great to further strengthen our relationship with Compass.” Compass and Feedr will continue their exclusive partnership in the UK, while Compass has also secured a stake in EatFirst’s European business, reports Insider Media.

Five Guys confirms Bracknell site: Better burger brand Five Guys has confirmed it has secured a site for an opening in Bracknell. Propel reported in October that Five Guys had secured the former Bill’s site at 20 Braccan Walk for an opening in the Berkshire town. The 58-cover, 3,000 square-foot restaurant at The Lexicon, one of the UK’s biggest town centre regenerations, will now open in May. Shelley Sandzer acted for Five Guys. Nick Weir, joint managing partner at Shelley Sandzer, said: “We have been instrumental in providing Five Guys with the trusted knowledge they need to establish their presence here in the UK, having worked with them now for ten years. Their portfolio of sites around the UK makes them a leader in the premium burger industry, so we’re proud to be a part of the Five Guys journey. No doubt they will add a great offer to Bracknell later this year.”

Black Sheep Coffee confirms Milton Keynes opening: London-based speciality coffee shop operator Black Sheep Coffee has confirmed it will be opening a Milton Keynes site, inside retail and leisure destination centre:mk. Propel revealed last April that an opening in the city was included in the brand’s pipeline for the following 12 months. It has now secured a 1,637 square-foot unit on centre:mk’s Sunset Walk for its first opening in Milton Keynes, opening in May. Eirik Holth and Gabriel Shohet, co-founders of Black Sheep Coffee, said: “We are delighted to be expanding further into the south east, and Milton Keynes has been a target location for the brand for some time.”