Bowland Inns & Hotels appoints advisors to aid with next stage of growth: Lancashire hotel, pub and restaurant operator Bowland Inns & Hotels has appointed advisors as it looks at its funding options for its next stage of growth, Propel has learned. The business, which is behind the Bowland Brewery and James’ Places collection of hotels, inns and restaurants, is understood to be working with advisory firm BDO, on the early stages of exploring funding options and growth strategy to help it expand further in the north west. The company, which is owned by James Warburton, owns and operates a collection of historic buildings in the Ribble Valley, Lune Valley and the Yorkshire Dales. The group, which trades under the name James’ Places, currently operates nine venues. These include the Waddington Arms, Eaves Hall, The Royal Hotel, Shireburn Arms, The Emporium, Falcon Manor, Mitton Hall and Holmes Mill. Earlier this month, the company reported strong trading since the beginning of 2023, with Ebitda tracking 75% up on the last financial year pre-covid. The group made its first acquisition since 2015 in December when it reached a lease agreement with the trustees of the Downham Estate for the Assheton Arms in Downham, Lancashire, which has now reopened. Warburton said at the time that the business was planning further expansion of its estate. In November, the business promoted Mike Auld from group operations director to managing director. Warburton stepped down from running the company having spent the previous 25 years growing the business from a single venue, The Emporium in Clitheroe, turning over £250,000 per year, to one with then eight sites and an annual turnover of £23m. In May last year, the company secured a £26m finance package with Barclays to support its growth plans and integrated Bowland Brewery into its portfolio. Bowland Inns & Hotels features in the Propel Turnover & Profits Blue Book. Its turnover of £23m is the 250th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. 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.

Four days to go before release of updated Premium Database of Multi-Site Companies, 22 businesses being added: A total of 22 new multi-site companies, operating 92 sites, have been added to the next edition of the Propel Premium Database of Multi-Site Companies, which will be released on Friday (31 March), at midday. The updated Propel Multi-Site Database, which is produced in association with Virgate, includes regional restaurant operators, growing bakery brands, and expanding hotel operators. Premium subscribers will also receive a 2,000-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. The database now features 2,811 companies. Premium subscribers will also receive the next edition of the New Openings Database on Thursday, 6 April, at midday. It focuses on newly announced openings and upcoming launches in the sector and is updated every month. The next edition also includes a 6,000-word report on the new additions to the database. Premium subscribers also receive access to three other databases: the Propel Turnover & Profits Blue Book; 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. Premium subscribers are also to be given exclusive access to the recording and slides to Propel Multi-Club Conferences. Premium subscribers also receive their morning newsletter 11 hours early, at 7pm the evening before; regular video content and regular exclusive columns from Propel group editor Mark Wingett.

UKHospitality – Bank of England’s suggestion not to raise prices is impossible if we’re to have a viable sector left: UKHospitality has said the suggestion from the Bank of England governor Andrew Bailey that businesses should not raise prices above the rate of inflation, when they are facing energy, food and drink costs far above the current 10% inflation rate, is “impossible if we’re to have a viable sector left”. The trade body said sector businesses are already facing unprecedented cost pressures, with energy bills double what they were last year and food price input inflation of more than 20%. Businesses face another catastrophic hit this week when energy support is significantly reduced, which hospitality businesses expect to cause an 82% rise in bills. UKHospitality chief executive Kate Nicholls said: “We fully support the objective of reducing inflation – it is in all of our interests. However, hospitality businesses are under immense pressure from ever-rising bills, particularly energy, and we have already seen thousands of good businesses go bust as a result. Interest rate rises are compounding the sector’s problems by increasing debt repayment costs for businesses and squeezing our customers’ disposable income. To suggest the sector should stomach these staggering cost increases ignores the real and stark situation facing venues across the country. It is simply impossible if we want to have a viable hospitality sector left in a year’s time. We all want prices to be as low as possible for consumers, and it is a minor miracle that many have held off increases for as long as they have. The reality is that without adequate government support, whether it is through energy, business rates or VAT, doing as the governor asks will just mean business failure and job losses, compounding the country’s economic woes.” JD Wetherspoon chairman Tim Martin told The Guardian: “The two things that keep price rises low are competition and, by definition, low inflation. If input costs are high, which they are in the hospitality industry, it’s very difficult for pub companies to avoid price rises, and it might produce catastrophic results if Mr Bailey’s advice was taken too literally – although he’s right to say it.”

Neame – it may take slightly longer to recover than some of us expected: Jonathan Neame, chief executive of Kent brewer and retailer Shepherd Neame, has told Propel it may take the sector slightly longer to recover “than some of us may have expected – it's maybe more like 2024-25”. Neame said: “If you go back to the early 1990s, you had very similar situations. You had no liquidity, you had very challenging market conditions – very high inflation, very high interest rates, a big drop in demand, and a fair amount of business failure between 1991 and 1994. But by the time the debt markets stabilised and by the time people could sort of see where the bottom was, then they could see how businesses could rebuild. The market was very strong, between sort of 1994 and 2000, and I think that remains our base case scenario. It may take slightly longer to recover than some of us may have expected – it's maybe more like 2024-25. I still think that the prospects for the core of the market are very rosy at the back end of this decade.”

Just over half of Brits won’t change takeaway habits in 2023: Just over half of Brits (51%) won’t change their takeaway habits this year despite the cost-of-living crisis, according to a new survey by KPMG. The research, which questions 4,000 people, found that despite a third (38%) of consumers cutting down on takeaways as household budgets get squeezed, nearly a third (31%) said they have at least one takeaway a week. This rises to 58% in London, while nearly four in ten (38%) of 18 to 24-year-olds nationally partake in a takeaway at least two to three times a week. Meanwhile, 60% of those surveyed over the age of 55 said they never order a takeout. The research “Food for thought” found more than half of consumers (51%) claim they will maintain the same level of takeaway spend in the year ahead, with a further 8% claiming they are more likely to increase their takeaway spend during 2023. The typical household monthly spend on takeaways is £61.35, with 47% spending less than £50 per month and 10% spending more than £100 per month. Consumers in the north east are the most cost conscious, with 35% spending less than £30 on takeaways per month. Family treats are still firmly on the menu in 2023, with 35 to 54-year-olds typically spending the most when they order, approximately £60-plus. Around three quarters (72%) of those surveyed viewed takeaways as a special treat – with “not wanting to cook” being the most popular reason for ordering in. Chinese, pizza and fish and chips are still the nation’s most popular choices across most regions except in London, East Midlands, and the north east where fried chicken and burger restaurants take the place of fish and chips. New entrants to the top ten list of most popular takeaways included Mexican food and Japanese/sushi, as Greek food fell out of the top ten list.

JD Wetherspoon in High Court row with AB InBev: JD Wetherspoon’s relationship with its biggest beer supplier, Anheuser-Busch InBev (AB InBev), is in jeopardy in a legal row. In November 2021, Wetherspoon appointed AB InBev’s UK subsidiary, Budweiser Brewing Group, as its lead brewer on a 20-year contract, displacing Heineken after 41 years. The deal stipulated that Wetherspoon would display a pre-agreed number of AB InBev’s beers, which include Budweiser and Stella Artois, on the “T-bars” that sit atop the bars in its 843 pubs. The High Court dispute concerns which company was responsible for that work, reports The Sunday Times. Wetherspoon claims both companies assumed AB InBev was responsible, arguing it was standard industry practice. AB InBev denies this, saying the work must be subject to a separate agreement. Wetherspoon is seeking a declaration that AB InBev’s is responsible. If the court rules Wetherspoon is responsible, it is seeking a temporary injunction to stop the “real and substantial threat” of AB InBev terminating the contract. Court documents show AB InBev sought price increases last year amid rampant inflation. Wetherspoon, where a pint of Stella costs only £3.60, claims AB InBev’s repeatedly complained the arrangement had become “uncommercial”. The brewer, it said, indicated it might walk away if prices did not increase and said it had the right to withhold supply. AB InBev’s has denied it threatened to withhold supply. AB InBev argued Wetherspoon’s case was a “transparent attempt” to rewrite the agreement in order to excuse its own “material breaches” of contract, arising from the failure to display a sufficient number of its beers on the T-bars. The brewer is seeking a declaration that it has the right to end the contract, saying its preference was not to do so, as long as Wetherspoon carried out the work. AB InBev has counter-claimed for damages in the event that it does end the agreement. If it had terminated the deal on 27 January, for example, AB InBev claims it would be eligible for damages of £9.9m, in addition to compensation for lost sales and profits. A Wetherspoon spokesman said, regrettably, it had no choice but to commence legal action. “We value our commercial relationship with Budweiser and hope that dispute can be resolved as quickly as possible,” he said.

Job of the day: COREcruitment is working with a global hospitality brand that is seeking a new vice-president. A COREcruitment spokesperson said: “You will support operations across Europe. This position would be ideal for a very established executive level operator. Ideally, you will have experience of the premium dining/food and beverage service sector in a group role preferably with international responsibility. Your background will include strong understanding of openings, acquisitions, and rebranding projects. A bilingual candidate in French and Spanish is necessary due to the locations of operations.” The salary is up to £200,000 and the position is based in London. For more information, email kate@corecruitment.com 

JD Wetherspoon has almost half of 39 sites on market under offer with particular interest from smaller pub companies: JD Wetherspoon chairman Tim Martin has told Propel that almost half of the 39 sites it has on the market are under offer with particular interest from smaller pub companies. The company put 32 pubs up for sale in September last year followed by another seven two months later. Speaking following the company’s interim results, in which the business reported like-for-like sales in the seven weeks to 19 March 2023 were 9.1% above pre-pandemic levels, Martin said there had been “good interest” in the sites. “About a dozen and a half are under offer and we’ve especially had interest from smaller pubcos,” added Martin. “Most of the closed pubs are reverting to the landlord for redevelopment at the end of a lease such as in Shawlands in Glasgow and Lee Green and Orpington in London.” Martin said Wetherspoon expects to open about half a dozen pubs in the second half of the financial year with new site, The Stargazer at London’s O2, which opened last week, “having a fabulous start”. He added the business expects capital expenditure to be £75m for the financial year, of which £25m will be on new pubs and the rest on maintenance. Martin said the menu items that were driving the uptick in food sales, which were up 12% on pre-pandemic levels during the half-year, were the katsu curry and the return of steak and kidney pie. He added: “For the most part we match McDonald’s for price and quality on similar products.” Despite inflation being “ferocious” for the industry, the increase in the National Minimum Wage next month and energy support tailing off, Martin said he was hopeful the sector was now through the toughest period since the outbreak of covid three years ago. “Our trade has been slowly improving and we sincerely hope it’s the same for everyone else,” he said.

Roxy Leisure lines up Leicester and Liverpool openings: Roxy Leisure, the operator of the Roxy Lanes and Roxy Ball Room concepts, has lined up a further two sites for its openings pipeline, Propel has learned. The 14-strong business, which is planning to add six more sites in 2023 and the same number in 2024, is understood to have secured a site in Humberstone Gate, in Leicester, for a Roxy Ball Room opening. At the same time, the company, which already operates Roxy Ball Room sites in Liverpool’s Hanover Street and Cavern Quarter, is hoping to open a site under its Roxy Lanes format in the city’s School Lane. 

 

PizzaExpress appoints Jo Vaughton as new marketing director: PizzaExpress, the Paula MacKenzie-led business, has appointed Jo Vaughton as its new marketing director, Propel has learned. Vaughton joins PizzaExpress after a brief stint as head of brand marketing at payment service provider Mollie. She spent more than three and a half years as director of brand marketing EMEA at Celebrity Cruises, and the same length of time as head of PR and social UK & Ireland at Royal Caribbean International. 

Competitive socialising e-sports concept to open debut site with Liverpool launch: Competitive socialising e-sports concept Level Tap is to launch its debut site, in Liverpool. The 6,500 square-foot venue will open at Liverpool ONE’s Hanover Street after Level Tap agreed a deal with landlord Grosvenor. Providing an interactive, experience-led venue for gaming and e-sports spectating, the site will host and broadcast live events from around the world. Due to open early May, the Liverpool ONE venue will be the concept’s debut brick-and-mortar site, as well as the city’s first competitive gaming venue. Level Tap’s games library will cater for a wide range of gamers and host a variety of competitive titles. The venue will feature eight console stations, all containing a Nintendo Switch and either a PS5 or an Xbox Series X, along with two racing simulators and 22 PCs. Spanning two floors, Level Tap’s mezzanine floor will be a base for streamers and competing teams broadcasting their gameplay on to projectors and TVs around the venue, while the lower level will house a lounge area, with bar and dining tables, as well as an “arena” seating more than 100. The new Level Tap Liverpool ONE venue will also serve a range of specially created gaming-themed cocktails, shakes, seltzers and draught and bottled beer, wine and soft drinks, as well as pizza slices, sides, snacks and sundaes. Metis and Starka acted for Liverpool ONE, while Level Tap dealt direct.

White Brasserie secures Long Ditton site for November opening: White Brasserie Company, the Alchemy Partners-backed pub business, has further enhanced its openings pipeline, after securing a site in Long Ditton, Surrey, Propel has learned. The Richard Ferrier-led business has acquired the freehold of The George Evelyn in Long Ditton, for its 21st pub site. Following a multimillion-pound investment, the pub will reopen in November with a new name. It will have 139 internal covers and 100 outside. Last month, Propel revealed the business, which is part of Brasserie Bar Co, had secured the freehold of the Black Swan in Henley-in-Arden, Warwickshire, with a reopening of the site planned for July this year following a major extension. Last December, the company outlined “Operation Thrive”, its strategy to build a UK pub business of scale that will see it look to build a portfolio of 50 freehold premium pubs over the next five years. Since being acquired by Alchemy last February, the company has acquired ten of the freeholds of its 20-pub estate. It said it had also prioritised acquisitions of “additional distinctive freehold pubs” and is currently under offer on six further sites that will open in 2023 and early 2024. As previously reported, it also expects to grow to more than 200 rooms across the UK within 18 months.

Estabulo Rodizio to open debut Scotland site: Brazilian all-you-can-eat steakhouse Estabulo Rodizio Bar & Grill is to open its first site in Scotland, early next month. The business, which is led by Zack Isaak, will open a site, its 11th in total under the steakhouse brand, in Aberdeen’s Union Square. The company said: “At Estabulo we celebrate the feast and festivity of the Brazilian rodizio. We offer unlimited table-side service of eight cuts of meat for lunch and 15 cuts of meat for dinner, unlimited sides, gourmet salad bar and Brazilian hot buffet all for a fixed price.” Estabulo operates sites across Yorkshire, East Anglia and the north east. Isaak, who also operates the restaurant Sakku in Leeds, is set to open a site under his new Sakku Samba concept, an Estabulo Rodizio, and a second Caffe Noor site at Rotherham’s Forge Island development. The first Caffe Noor site opened in Wakefield.

 

London food hall concept set to open fourth site, in Harrow: Food hall concept Market Place London is set to next month open its fourth site, in Harrow. The newly renovated space at 80-84 St Ann’s Road will open on Thursday, 6 April, with space for up to 300 people across both indoor and outdoor areas and feature multiple seating zones. Creating 65 jobs, it will also offer workspace and free Wi-Fi during the daytime. There will be bar area plus eight permanent street food traders, including Bread Ahead bakery; Indo-Chinese brand Pepper Spice; Japanese street food brand Little Tokyo; milky masala concept Chaii & Spice; South American meat specialists Argentinian Grill; and authentic Turkish brand Farm House Kebabs. Blake Henderson, managing director of Market Place London, said: “Harrow is a location that has so much untapped potential – especially for independent food vendors. At Market Place, we’re champions of independent business and strive to celebrate those who often don’t have as much of a presence in the food and drink sector. Across all our Market Place venues, our aim is always to bring brilliant new flavours and food to the public. We’ve worked hard to secure some fantastic traders who will offer something for all tastes. We’re also looking forward to championing some of our longstanding vendors with us to Harrow, such as the much-loved Argentinian Grill team.” Founded in 2020, Market Place London also has sites in Hounslow, Peckham and Vauxhall.

The Salad Project secures third site in central London: The Salad Project, the all-day dining concept which launched in London in 2021, has secured its third site in the capital, near Oxford Circus, Propel has learned. The business, which was founded by Florian de Chezelles and James Dare, has secured the former Benugo site at 23-25 Great Portland Street. Last October, the company, which opened its first site in Spitalfields in 2021, launched its second site on the former Hawes & Curtis unit at 1 Old Broad Street. The new site is part of The Salad Project’s plans for wider expansion across London, as reported by Propel in August, when the business scooped a £100,000 prize for winning top restaurant the inaugural UberEats UK & Ireland Restaurant of the Year Awards. De Chezelles told Propel: “We aim to become the go-to-place for a healthy meal in London. We want a Salad Project on all major London high streets.” Etch acts for The Salad Project. 

Bundobust sets its sights on Birmingham opening: Bundobust, the Indian street food and craft beer concept, is planning to open in Birmingham. Propel understands that Bundobust, which was founded by Marko Husak and Mayur Patel in Leeds in 2014, has applied to open in the city’s Bennetts Hill. The business, which also operates sites in Manchester and Liverpool, recently pulled out of an opening in York. Last year, the Tom Byng-chaired business applied to open a site in the former Argos building and neighbouring William Hill site in the city’s Piccadilly Street. 

Coffee#1 opens second Cheltenham store, confirms UberEats rollout: Coffee#1, the Caffe Nero-owned brand, has opened a second Cheltenham site as it accelerates its opening programme. The store at 124 High Street joins its existing site in Montpelier Gardens in the Gloucestershire town, and is the 11th opening since the covid-19 pandemic. The new store can accommodate up to 90 customers internally and a further eight outside. Founded in 2001 and now operating across Wales, the south west, the south coast and parts of the Midlands, the new Cheltenham store is Coffee#1’s 111th site. Coinciding with the opening in Cheltenham, Coffee#1 has also confirmed the successful rollout of UberEats at 82 of its locations. The rollout followed a pilot period in the month and has increased the brand’s availability through delivery. Coffee#1 managing director Bruce Newman said: “Cheltenham is one of a number of towns where we feel there is sufficient market strength for a second Coffee#1. We have historically traded successfully across multiple locations in larger cities including Bristol and Cardiff. We’ve also been delighted with the performance of our two Bath locations and feel optimistic that Cheltenham can be similarly successful.” Of the partnership with UberEats, Newman said: “While Coffee#1 remains primarily about a drink-in experience, the demand for our delicious barista made coffee in home is also clear. The rollout has gone well and we see plenty of scope to build a scale and incremental business through delivery in the next 12 months.” 

Red Oak acquires pub from McMullens: Red Oak Taverns, the national pub operator founded by Aaron Brown and Mark Grunnell in 2011, has acquired The Crown in Romeland, Waltham Abbey, Essex, from brewer and retailer McMullens. The 76-cover, grade II-listed site was purchased during an off-market transaction. It marks the fourth single site acquisition this year for Red Oak, which operates a circa 210-strong estate. Red Oak Taverns property director Graeme Bunn said: “The Crown is located in the centre of Waltham Abbey and is a traditional pub serving the local community. We are delighted that McMullens chose to work with us in selling one of its assets.” Plans are in place to invest in improvements at the pub. It is operated by new tenant, Nancy Tobias. Red Oak Taverns said it continues to grow its pub estate and is seeking single site and package acquisitions to add to its free of tie and tied pub estate. Jenny Strathern, property director at McMullens, said: “We wish Red Oak every success with The Crown and are pleased to see it remain as a trading public house.” Elysia Wilson-Gunn, senior associate of Fleurets, acted for McMullens.

Pug Pubs owners to open Greek restaurant in Leamington: Matt and Alex Crowther, owners of Pug Pubs, are set to open a Greek restaurant in Leamington, Warwickshire, after a delivery version of the business proved popular during lockdown. Taverna Meraki will have a permanent home in Regent Street at the 1,553 square-foot site previously occupied by The Big Table Group owned brand Cafe Rouge. The restaurant is being fitted out and is set to open just before the summer. Pug Pubs operates The Royal Pug, The Fat Pug, and coffee shop Procaffeinate in Leamington, The Black Pug in Warwick, and The Lazy Pug in Shipston. Matt said: “I’d always had ambitions of opening some sort of Greek restaurant as I’d worked in Greece for four years and loved the food. When we founded our first pub, The Fat Pug in 2012, we asked our friend from Greece, Yannis, to come over and work with us at the business, with the possible idea of starting a Greek restaurant at some point. Pug Pubs did very well, but when lockdown hit, we realised our pub offering did not translate well to delivery and we needed to come up with something new. This was the right time for us to finally start our Greek food idea, firstly as a delivery business. Customers loved the gyros, souvlaki and other authentic Greek dishes we served up. When lockdown was lifted, we toured the business around various food shows, with a similar response from customers. It was amazing to see how well it did, and many people asked us where they could go for a sit-down meal. That was when we realised we needed a permanent restaurant.” Wareing & Company acted on the deal.

Issa brothers close to £12bn merger of Asda and EG petrol forecourts: The owners of Asda are racing to complete a merger of the supermarket chain and their UK petrol stations as part of efforts to cut their forecourts empire’s debt burden. The Issa brothers and their private equity backers at TDR Capital, who jointly own both businesses, aim to combine Asda and EG Group’s UK division by the end of April. The deal, said to be worth £12bn, would probably be structured as a takeover of EG UK by Asda and result in more debt being heaped on to the supermarket’s balance sheet, reports The Sunday Times. Asda’s net debt already stands at £4.7bn. Talks over a combination of Asda and EG Group in the UK were revealed by The Sunday Times in January. The deal would create a group with 581 supermarkets, 700 petrol forecourts and more than 100 convenience stores. “Obviously, they think it’s a good idea to put the businesses together, but it’s a matter of getting it done,” a City source said. By 2025, EG Group needs to refinance £7bn of debt in an environment where interest rates have risen sharply. The owners hope combining the two profitable, cash-generative businesses will allow them to refinance on better terms. Mohsin and Zuber Issa have already opened more than 100 Asda convenience stores on EG’s UK forecourts. This month, EG announced a $1.5bn (£1.2bn) sale and leaseback deal on 415 stores in the US. Last year the group reported underlying profits of $1.46bn on sales of $33bn, while Asda made £1.32bn on sales of £23.5bn. Former Marks & Spencer boss Lord Rose is likely to chair the combined group. Bankers from Rothschild, Barclays and JP Morgan are advising on the deal.

Company of Cooks merges with Venues by CH&CO to create new 30-strong £70m business: Independent caterer CH&Co has merged its Company of Cooks and Venues by CH&CO brands to create new £70m business with a 30-strong portfolio. The two catering and hospitality businesses have been brought together under the Company of Cooks brand, with eve – CH&CO’s venue and events solution – as its sales platform. Its collection of catering venues includes The Royal Opera House, Royal Academy of Arts, Southbank Centre and Royal Botanic Gardens at Kew. Rob Fredrickson, managing director at Company of Cooks, said: “The bringing together of Company of Cooks and Venues by CH&CO makes perfect sense. Both businesses have a reputation for brilliant food, drink and service, and uniting them is the obvious next step in creating a leisure catering and hospitality brand that reflects our shared focus and strong values.” With a focus on handmade techniques and sustainability commitments, Company of Cook’s food will use quality, local and seasonal produce. Also launching in the coming months will be a front-of-house team training programme called Company of Cooks Service School.

Five Guys lines up second UK drive-thru site: Better burger brand Five Guys has lined up a second drive-thru site in the UK, in Suffolk. The company, which opened its first drive-thru in the UK, in August 2021, in Middlesbrough's Teesside retail park, hopes to convert the former Pancake and Waffle Shack, off the A11 at the Fiveways roundabout in Barton Mills, near Mildenhall, to the format. A design and access statement to the authority said: “The proposals represent Five Guys' second drive-thru in the UK following a successful first drive-thru in Teesside opened in 2021-22. The application site has been carefully considered by Five Guys and considered a good opportunity to provide another high-quality restaurant in an accessible location.” It is thought a combination of waiting for further approval on its drive-thru plans from the Murrell family, who founded the business in the US, and the increasingly competitive nature of the roadside category here, has meant the opening of the group’s second drive-thru site has been delayed. Five Guys operates circa 160 sites in the UK, and plans to open 12-15 sites in total here this year. Five Guys chief executive John Eckbert previously told Propel the business had “a clear shot to 250 to 300 stores” in the UK.

Indoor skydiving experience makes London debut for fourth UK site: Indoor skydiving experience iFly has made its London debut, with its fourth UK site in total. It has opened at The O2 Centre having previously agreed a deal with Waterfront Limited Partnership, a joint venture between AEG and Crosstree Real Estate Partners, which owns and operates the Entertainment District at The O2. iFly, which already has sites in Milton Keynes, Basingstoke and Manchester, also has more than 90 sites worldwide. Using state-of-the-art wind tunnel technology, it creates wind speeds of up to 150mph that stimulate the freefall element of a skydive. Terry Raymond, general manager at iFly London at The O2, said: “iFly indoor skydiving is an exciting activity that all ages and abilities can enjoy. We’re delighted to bring this sport to London.” Both parties dealt directly.

Elliott eyes takeover of parts of Cineworld: American activist investor Elliott is eyeing a takeover of parts of the Cineworld empire. The US hedge fund, which owns Waterstones books stores, is interested in buying the debt-laden cinema chain’s complexes in eastern and central Europe and Israel, reports Sky News. Cineworld is now worth just £30m on the London Stock Exchange, despite being the world’s second-largest cinema chain. Last September, it filed for Chapter 11 bankruptcy protection in the US and it has been offering assets for sale. It accumulated £4bn of debt during the pandemic. Elliott, which is involved in the process to finance a takeover of Manchester United football club, has taken a shine to consumer businesses in recent years. As well as Waterstones, it also owns book store chain Barnes & Noble in the US and fashion accessories retailer Claire’s.