Tavern Propco places 16-strong pub investment portfolio on market: Tavern Propco, which acquired the circa 370-strong commercial properties estate from Ei Group in 2019, has placed a 16-strong pub investment portfolio on the market, with a combined value of circa £12.6m, Propel has learned. Savills has been appointed by Tavern Propco to handle the sale of the 16 free of tie public house investments, which are spread across England. The properties are occupied by a range of “good quality individual and corporate occupiers and offer attractive returns on investment”. Many of the leases are subject to five-yearly open market rent reviews as well as annual uncapped Retail Price Index increases. The properties are considered for sale either individually or in small packages and the occupational businesses will be unaffected by any sale. The portfolio is thought to include the Bourne & Hollingsworth Buildings in London’s Clerkenwell; the Chadwicks Inn in Maltby, North Yorkshire; the Oxford Blue in Oxford; the Green Man in Uxbridge; the Alford Arms near Hemel Hempstead; and the Boardroom in Bristol. In January 2019, Davidson Kempner and Global Mutual backed Tavern Propco on its acquisition of the circa 370-strong commercial properties estate from Ei Group, in a deal valued at £348m.

Older workers returning to labour market: The number of older workers returning to the workforce rose sharply at the end of last year, new research has suggested. The results may indicate the exodus of hundreds of thousands of workers during the pandemic is reversing, according to the analysis by the Institute for Fiscal Studies (IFS) of data published by the Office for National Statistics (ONS). The rise in participation among workers aged between 50 and 64 was particularly pronounced among those who had left work since the start of the pandemic to become inactive, analysts said. Workers are considered economically inactive if they are neither working nor available to work. Workers who had left their jobs after the start of the pandemic accounted for 57% of the 197,000 workers aged 50 to 64 who left inactivity to return to work between October and December last year. About half a million workers left their jobs during the pandemic with no plans to return to work. Some of the rise was caused by the ageing of the population, which meant a greater share of workers reaching retirement age, but the trend was driven mainly by older workers aged between 50 and 64 who retired early or were forced to resign because of long-term sickness. The trend has contributed to a shortage of labour supply that central bankers have warned would weigh on economic growth. Unemployment is close to historic lows, but it is not because more people are in work, according to ONS figures. Employment remains below pre-pandemic levels, while the number of people who are “inactive” is at historically high levels. The Times reported the flow of workers back into the jobs market led to a slight drop in the total inactivity rate among 50 to 64-year-olds from a post-covid peak of 27.7% last summer to 27.1% by the end of last year, the IFS said. The figures show signs of the beginnings of a reversal, but more data is needed to establish a change in trend, according to the IFS. The share of inactive older workers who said they would “probably” or “definitely” not work again has fallen for two consecutive quarters, while the share who said they would like to work has risen. Meanwhile, businesses faced renewed difficulties with hiring staff last month as wage and cost pressures remained high, a Bank of England survey shows. Almost half (45%) of businesses said they were finding it “much harder” than usual to recruit, up from 35%. in January, according to the bank’s survey of about 2,500 chief financial officers between 3 February and 17 February. The findings are likely to push up wages as companies compete for workers. Annual wage growth rose to 6.6% in February, up from 6.3%. Respondents expect wage growth to average 5.7% in the next year.

Gaucho and M Restaurants win business of the year award: Rare Restaurants, the hospitality group consisting of Argentinian steak restaurants Gaucho and M Restaurants, has won business of the year at the 2023 City AM Awards. The only hospitality company shortlisted, Rare Restaurants scooped the title, beating fellow nominees Rolls Royce, Lidl, Marex and Yu. The award celebrates the “best of the best of the best”, recognising a company that has navigated economic headwinds and “come out ahead with smart management, an innovative approach and impressive growth”. Rare Restaurants reported record turnover of £53m and delivered an annual profit north of £10m in 2022. The company opened new venues in Canary Wharf and Liverpool and collaborated with charities. Furthermore, Rare Restaurants said its commitment to sustainability, ethical farming and offering “carbon neutral steaks” has remained at the fore of the business. Chief executive Martin Williams said: “The City AM Awards celebrate a wide range of businesses in the Square Mile, Canary Wharf, and the wider business community, which is our company’s heartbeat. We are thrilled to receive the accolade of Business of the Year, particularly in the face of all the headwinds the hospitality industry has navigated. With record breaking turnover last year and three new Gaucho sites opening in 2023, we are excited about the future. Achieving this award is an honour and a testament to our passionate, hard-working and brilliant team.”