Story of the Day:
Morris – central London is almost back to where it was pre-covid, ready to push franchising more: Richard Morris, chief executive of Tortilla, the UK’s largest fast-casual Mexican restaurant brand, has said central London is “almost back to where it was pre-covid” with average weekly sales currently up 15% versus FY19. Speaking after the business reported record revenue of £57.7m for the year ending 1 January 2023, Morris said the sales performance in central London justified the group’s £2.75m acquisition of rival Chilango last May, and believed there was more growth to come over the next few months. He said: “There were a lot of people who were nervous about the Chilango purchase. It was a business that was very much central London based at a time when there was a lot of talk around working from home. But we were always of the opinion that London is such a fantastic city to work in and socialise in, that while working from would definitely have an impact, perhaps not quite to the extent that was being talked about. We're starting to see, certainly over the last few months, outside of the dreaded train strikes, that central London is almost back to where it was pre-covid. Mondays and Fridays are undoubtedly a little bit quieter, but they're not as quiet as they were. Tuesdays, Wednesdays and Thursdays are extremely busy. If you walk past Tortilla and Chilango sites midweek you will see massive queues, which is really exciting and really pleasing for us, because we were absolutely convinced the Chilango purchase was the right thing to do for many different reasons, but predominantly, we loved the property portfolio it had in central London. Converting those sites into Tortilla’s has been very successful for us. We are also very excited about the next few months, and I think London will generally be very busy. I would imagine the tourist market this year will be absolutely huge.” Morris also said when it comes to international expansion the business was more inclined to now look at the franchising route. He said: “Following our success with UK franchising, we are excited about the opportunity to utilise a similar low-capital approach and establish a greater international presence.” In the UK, the business has also introduced a second food assembly line at its Brighton site, where delivery makes up 50% of the site’s circa £30,000 sales a week. Morris said: “Delivery sales are consequently kept separate from in-store sales and initial signs are promising.” The business has also launched a speed-of-service project called “fast fifteen” to drive lunchtime speed “in some throughput constrained central London sites, where we have huge queues between noon-2pm”. Morris said: “There are incentives for the employees and management teams around who can do the most amount of revenue in an hour. London Bridge is the standout success here, with three record hours achieved within one week.”
Industry News:
Three 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.
Hospitality Rising reaches half of UK’s 16 to 30-year-olds: Sector recruitment initiative Hospitality Rising has seen its inaugural campaign, “Rise Fast, Work Young” reach more than 5.5 million of the UK’s 16 to 30-year-olds only five months into its launch. This is equal to half this age demographic. Hospitality Rising was created to tackle the sector’s challenging jobs crisis. As part of the industry backed campaign, Tik Tok creators were also engaged to create content that specifically targeted young job seekers. This alone generated 13.5 million impressions, reaching 2.1 million young people. Mark McCulloch, founder of Hospitality Rising and campaign director, said: “We are reaching the 18 to 30-year-old audience in new ways and it’s working! We know what makes this age group tick and where their attention is. Communicating with them via TikTok campaigns, ads and content creator partnerships means we’re able to engage with them in the most effective way. We now need to focus on reaching all 18 to 30-year-olds at least four times in a short period because this is where you see consideration move to action. While hospitality businesses are working hard on retaining staff, we’re here to support them in their efforts by finding new and effective ways to attract a new audience into the industry.” The next step for the campaign is to bring on board new operators to back a burst of activity aimed at an audience of job seekers leaving education this summer. With six months of the first year left, those wanting to back the hospitality movement can join from £5 per team member. Hospitality Rising is backed by sector companies including Pret, Prezzo, Revolution Bars Group and Whitbread, On the supplier side, hospitality tech supplier Zonal, Wi-Fi provider Wireless Social and Coca-Cola Europacific Partners are platinum sponsors. Businesses looking to join the movement can email hello@hospitalityrising.org
Sales price per square foot for commercial leisure property forecast to drop by 1.7% in second quarter: Sales price per square foot for commercial leisure property is forecast to drop by 1.7% in the second quarter, according to the latest Robert Irving Burns commercial property report. This is higher than the expected drop in retail (down 1.7%) but not as significant as the officer sector, where a fall of 2.7% is estimated. The report said: “While the leisure sector had rebounded in early 2022, the outlook for the first half of 2023 remains challenging, with rising interest rates impacting debt costs and therefore the expectation of lower investment. Rents in this sector are forecast to decrease by 0.7% on average, which is in line with the retail forecast (down 0.7%). In the second quarter, our respondents are expecting supply to increase at the highest rate of all the sectors, rising 2.8% in the quarter. While overall demand is expected to fall 0.4%, respondents are expecting to see continued high demand for premium quality, and real estate that does not meet investor and occupiers' specification or environmental goals will be marginalised. The majority (48%) of respondents believe the average lease length in leisure will be more than 55 months, which is similar to both retail and industrial. When asked about the upcoming changes in business rates, the majority of our respondents (52%) felt the hospitality and leisure sectors would be negatively impacted, which might well be reflected in the expected negative values across both sales, rents and demand.” Antony Antoniou, chief executive of Robert Irving Burns, said: "With the supply of property coming on to the market expected to remain high, up 2.6% in the second quarter, rents are recovering and sales values remain low, it continues to be a buyers’ market for those with access to capital. This is particularly pertinent across the retail and leisure sectors, where high yields means they are less affected by spiking interest rates in relative terms.”
Hospitality businesses failing to maximise employee benefits: Hospitality businesses are failing to maximise employee benefits, despite high job vacancy rates within the sector, according to research by consultancy KAM. Its findings, in partnership with payroll and employee engagement services platform Growth Partners, revealed 75% of employees couldn’t find employee benefit information while researching their job, with 20% saying they only found out during their interview and 15% saying they had to wait until after they’d started in the role. Some 79% said they would use employee engagement services more if made aware of what was available, while 68% would use them more if they were easier to access, and 77% would prefer it if they were all accessible in one place (like an app). Furthermore, 75% of employees surveyed said employee engagement services make a business a more attractive place to work, and 83% said their company offering a specific health and well-being benefit contributed to them switching jobs. Katy Moses, managing director at KAM, said: “Hospitality businesses are absolutely missing a trick when it comes to attracting new employees, with very few effectively communicating the level of employee benefits.” Scott Read, chief executive of employee services at Growth Partners, added: “Businesses may have employee benefits in place, but if they’re not easy to access or communicated effectively, they’re not having an impact.”
Job of the day: COREcruitment is working with a leisure business in West Yorkshire that is looking for a people director. A COREcruitment spokesperson said: “You will have the opportunity to impact every employee’s experience and contribute to the delivery of the business vision. You will simultaneously roll up your sleeves and get involved at a detailed level, at the same time as discussing and setting strategy. You will develop people growth plans that sit perfectly alongside the business growth strategy, promote a high performing culture across the business and champion employee engagement, evaluating, identifying and addressing engagement trends and measure successful implementation.” The salary is up to £90,000. For more information, email gemma@corecruitment.com
Company News:
Carluccio’s opens first site in India: Carluccio’s, the Italian restaurant brand owned by Boparan Restaurant Group (BRG), has opened its first site in India. Propel understands Carluccio’s has opened a site in Terminal 2 of Bengaluru (Bangalore) Airport. BRG has opened the site in partnership with HMSHost International and it is thought further Carluccio’s sites are set to open in the city. Carluccio’s operates 28 sites in the UK and five in the Middle East. BRG acquired the Carluccio’s brand and 30 sites out of administration in spring 2020 for £3.4m.
Big Mamma Group UK turnover up 85% last year: Restaurant operator, the Big Mamma Group, saw turnover increase 85% last year across its then three-strong UK estate, pushing it past £25m. It comes as the company, which opened its fourth London site earlier this year – Jacuzzi in Kensington – reported turnover for the year to 31 December 2021 increase 80% to £13,981,667 (2020: £7,778,204), as it swung from a pre-tax loss of £1,610,035 to a pre-tax profit of £629,166. Tigrane Seydoux, co-founder of Big Mamma, which also operates Gloria, Ave Mario, Circolo and Popolare in London, said: “Our turnover increased by 80% in 2021, as we came out of lockdown and opened our third restaurant in London, Ave Mario in Covent Garden. This trend continued in 2022 with a further turnover increase of 85% after our first complete year of trade, with all three restaurants open fully since covid." The company will open its fifth London site - Carlotta – in Marylebone, in May. It will offer Big Mamma’s “famiglia-style Neapolitan and Sicilian classics with a retro Italian-American twist”. The UK business was advanced £1,449,996 by its parent company to cover the construction costs of the Kensington and Marylebone restaurants. The group, which operates circa 20 restaurants across France, England and Spain, also operates pizza delivery concept, Napoli Gang, which last year opened a debut bricks-and-mortar site in London’s Ladbroke Grove.
Arora Hotels turnover almost back to pre-pandemic levels and returns to Ebitda profitability as recruitment difficulties lead to higher staff costs: Arora Hotels – part of hotel, construction and property investment company Arora Group – reported turnover almost back to pre-pandemic levels in the year ending 31 March 2022. It rose from £46,279,000 in 2021 to £148,084,000. This was just shy of the £149,483,000 reported in the year ending 31 March 2020, when the final few weeks of trading were affected by the covid pandemic. Pre-tax losses narrowed from £112,189,000 in 2021 to £3,541,000 (2020: profit of £5,256,000). Ebitda rose from a loss of £19,818,000 in 2021 to a profit of £31,858,000. No dividends were paid (2021: nil). It received £1,136,000 in government grants compared with £17,465,000 in 2021. In his statement accompanying the accounts, director Carlton Brown said: “Recruitment has become the biggest priority across all departments. The over reliance on agency staff, particularly in housekeeping, has led to higher payroll costs. The impact of these rises has been minimised through leaner management structures and better efficiencies put in place during covid.” He also said the group’s hotel division benefited from fixed term contracted revenue for most of the year. The Renaissance London Heathrow, Novotel London Stansted and Sofitel London Gatwick all saw a trading performance higher than in 2021 due to fixed term contracts. Holiday Inn Terminal 5 at Heathrow delivered a positive Ebitda for the year, while Arora Gatwick Crawley operated efficiently with good Ebitda conversion. Sofitel Heathrow saw demand start to rebound strongly in the later part of the year, while a significant drop in passenger numbers compared with 2020 at the airport has adversely affected occupancy levels at the Hilton London Gatwick. Buckinghamshire Golf Club saw an uplift in business post-covid, while Heathrow’s Hilton Garden Inn Terminal 2’s first full trading year saw it outperformed the competitive set. The reopening of the 02 Arena helped the Intercontinental 02 deliver a positive Ebitda, while Fairmont Windsor Park opened in January 2022 following a “challenging construction period” due to material costs and a poor labour market. Luton Hoo Park also saw good demand for outdoor activities, and the hotel also benefited from the staycation market over the summer months.
Arora Hotels features in the Propel Turnover & Profits Blue Book. Its turnover of £148,084,000 is the 48th 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.
Mission Mars lines up Harborne site for Rudy’s: Mission Mars has lined up a site in Harborne for an opening under its Rudy’s Pizza Napoletana brand. Propel understands that Mission Mars has secured the ex-Hawkshead Tap House and the barber shop next door on Harborne’s High Street, for an opening under Rudy’s later this year. The brand opened its second site in Birmingham, on the former Cielo premises in Oozells Street, earlier this year. The 17-strong brand also recently launched in Headingley, Leeds. Earlier this year, Missions Mars said Rudy’s had four other sites in legals. As part of its three-year plan, the BGF-backed Mission Mars will look to open six to eight Rudy’s sites per annum. Joshua Rose at Raven Rose acts for Mission Mars.
Former Ei Group CEO Simon Townsend joins JW Lees as non-executive director: Simon Townsend, former chief executive of Ei Group, has been appointed non-executive director of Manchester-based brewer and retailer JW Lees. He will next month join chairman Jim Tully and finance director Simon Cross as non-family directors of the JW Lees board, which also comprises all seven family members of the fifth and sixth generations of the company’s founder, John Lees. Townsend is also a senior adviser to public relations company Teneo, as well as a non-executive director of Suffolk brewer and retailer Adnams and French brasserie chain Cote. He was also, until recently, a non-executive director of construction company Countryside Properties. Tully said: “We are delighted Simon has accepted our invitation to join the board of JW Lees, and we look forward to working together as we continue to build the JW Lees family brewery business, which is approaching its 200th anniversary in five years’ time.” Townsend added: “I look forward to working with the Lees-Jones family, JW Lees board and management team to grow the JW Lees business.” Ei Group, formerly Enterprise Inns, was the largest pub company in the UK until it was acquired by Stonegate in a £3bn deal in March 2020.
Gail’s secures site in Brentford: Fast-growing bakery brand Gail’s has secured a site for a new opening in Brentford, west London. It will join the food and beverage line-up at the Brentford Project, located just off the High Street at 2 West Bradbury Yard, in early 2024. The 1,916 square-foot cafe and bakery will offer freshly baked bread, pastries, and cakes throughout the day, as well as hand-roasted speciality grade house blend coffee. Set across the ground floor and basement, it will also offer a range of sandwiches and quiches and feature indoor and outdoor seating. Richard Pearce, senior development manager at developers Ballymore, said: “Gail’s has such a great reputation and loyal following that sits well alongside independent brands. It will be a great hub for people working from home and to enjoy at weekends.” It comes as Gail’s yesterday (Monday, 27 March) opened its second northern site, in Shaw Road, Altrincham. The brand made its regional debut last month, in Wilmslow, Cheshire, and also has a site in Manchester’s King Street lined up. Shackleton Property acted for Ballymore while Gail’s dealt direct.
Adventure Leisure lines up two more Mr Mulligans to take crazy golf portfolio to 16 sites and overall estate to 22: Adventure Leisure, a subsidiary of Burhill Group (BGL), has lined up two more Mr Mulligans to take its crazy golf portfolio to 16 sites, and overall leisure estate to 22. Having opened its 14th Mr Mulligans last month, in Norwich, number 15 will follow in May – a 14,000 square-foot site in Cribbs Causeway, Bristol. This, in turn, will be followed by a 16th Mr Mulligans, in north London, later in the summer. Adventure Leisure also operates four Ninja Warrior sites, one Total Ninja and one golf range, with “more to come”. The £1m-plus Bristol Mr Mulligans will feature two 12-hole courses, accompanied by electro-darts, shuffleboard, pool, ping pong and more. Colin Mayes, chief executive of BGL, said: “We’re proud to be offering something new to the community, as well as supporting the industry with at least 30 job opportunities.”
Travelodge plans to open 300 more hotels across the UK: Budget hotel chain Travelodge said it is writing to 220 local authorities across Britain proposing a joint development partnership aimed at stimulating regeneration and economic growth. The company said it has identified that it can expand its UK hotel network with a further 300 locations for new hotels. The company said the expansion programme could represent an investment of around £3bn for third-party investors and create more than 9,000 jobs across the UK. Steve Bennett, Travelodge’s chief property and development officer, said: “In the current climate, local authorities are under extreme pressure to invest in their economy and support regeneration projects. This is why we are writing to 220 local authorities to offer our support, as we can make a real difference. Our effective, innovative co-partnership development deals are spearheading regional economic growth and providing a solid long-term revenue stream. Britain is now a nation of budget travellers, with more of us choosing to stay in budget hotels than any other hotel type, and this trend is set to grow, which is why we are looking to expand our UK hotel network with a further 300 hotels. Adding a Travelodge hotel can be a catalyst to attract new businesses, support regeneration, bring vacant buildings back into economic use as well as attracting thousands of new overnight visitors to the area and revitalising high streets. In addition, our research shows, on average, Travelodge customers will spend at least double their room rate with local businesses during their stay – this can be an annual, multimillion-pound boost into the local economy.”
North east Greek street food business Acropolis set for further growth through franchising: North east Greek street food business Acropolis is set for further growth through franchising. Launched in 2016, Acropolis is a regular at food festivals and events across the region, including Jesmond Food Market and Hebburn Market, and has six sites. Brothers Filip and Viktor Tachan along with Yusuf Yenil, who founded the business, are now working with Mincoffs Solicitors' franchising team, with agreements now drawn up for franchisees. Yenil said: “Acropolis was born through our passion to bring authentic Greek street food to the north east and we have been blown away by the huge wave of support we have received from day one. It has been a fantastic experience getting to bring traditional Greek flavours and cooking methods to the region and our next step is to expand.”
Longboys founder acquires patisserie caterer: Graham Hornigold, founder of gourmet finger doughnut concept Longboys and ex-group pastry chef at Hakkasan Group, has acquired Pretty Sweet, a patisserie service supplying events, offices, and corporate hospitality. The kitchen will be headed up by head chef Bronwen Jackson alongside Hornigold, who met during their time at Hakkasan. Pretty Sweet was founded by pastry chefs Sarah Crouchman and Claire Clark in 2014. Hornigold said the acquisition facilitates his vision “to bring modern takes on classical patisserie to the masses”. He added his skill set and expertise in his industry, alongside an extensive hospitality network, are “highly complementary assets that will drive development opportunities in other parts of the business and UK growth”. The group is currently working with several premium brands within the hospitality sector. Hornigold said: “With the ongoing shortage of pastry chefs in hotels and restaurants, we are looking to consolidate some of the best talent under one roof to look after various disciplines within one production site. We will be offering premium products while educating and providing an inclusive working environment, which offers work-life balance.” Jackson added: “We are looking to grow the business within the corporate sector and offer a service and quality second to none. We are focused on creating great products and look forward to capturing a new audience whereby we can showcase our talents.” Longboys operates four sites and its products are stocked in stores including Harrods and Selfridges. There is also an events arm to the business servicing festivals and corporate events.
London luxury gelato brand Snowflake appoints Bruce Langlands as non-executive director: London luxury gelato brand Snowflake has appointed Bruce Langlands, formerly of Harrods and Selfridges, as non-executive director. Langlands was formerly director of food and restaurants at Selfridges and prior to that held the same title at Harrods. Snowflake, which is currently overfunding after hitting its £500,000 fundraising target, said Langlands was its board to bolster its fast growth plans. Founder Asad Khan said: “I first met Bruce on the stage of The Great Taste Food Awards when we were crowned supreme champion for our raspberry sorbetto in 2014. We worked together during Snowflake’s tenure at Selfridges during that time we launched the ‘Billionaire Soft Serve’ as well as the Avolato, both incredibly successful campaigns. I remember Bruce calling me to advise that Mr Weston (at the time owner of Selfridges) was coming in to try a ‘Billionaire Soft Serve’, I personally made sure the team got the gold coverings all perfect! I am looking forward to the excellent experience and insights Bruce will bring to Snowflake as we continue our national and international expansion.” The company, which was founded in 2012, launched its fundraising campaign on Crowdcube to support its expansion plans. It has so far raised £570,232 from 178 investors with eight days left. Investors are being offered 4.24% equity, giving it a pre-money valuation of £12,873,363. The company currently operates nine sites, in London and Manchester, plus franchises in both Saudi Arabia and Qatar, and has also held residencies at Harvey Nichols, Selfridges and Bicester Village.
Turtle Bay launches new menu with 42% plant-based dishes: Caribbean restaurant brand Turtle Bay has launched a new menu with 42% of plant-based dishes. The menu, curated by executive chef Collin Brown, includes an elevation of four Turtle Bay classics, plus an introduction of 12 new dishes and two “beach board” sharing platters. Plant-based dishes include the Island Brunch Bowl, featuring scrambled ackee, sauteed callaloo, curried chickpeas, sweet fried plantain, tomatoes and a fire-grilled roti. There is also the Jamaican Run Down, – slowly simmered butternut squash, sweet potato and coconut stew, served with rice and peas. The Turtle Bay bottomless brunch will still be on offer alongside upgraded brunch dishes such as the honey bunny yardbird fried chicken and roti – the restaurant’s spin on chicken and waffles. Brown said: “We are excited to introduce some key Caribbean ingredients to the menu, and put a big focus on plant-based meals, just how my people back home eat.”
Wendy’s confirms next three UK openings, including second drive-thru: Wendy’s, the third-largest quick service restaurant chain in the US, has confirmed its next three UK openings in the coming months, including its second drive-thru location here. It will open at 195 High Street in Lincoln and at Horsefair Shopping Centre, 28 Churchill Road, Wisbech, in April. This will be followed by the drive-thru, which will launch at Northern Gateway, off Junction 28 of the A12 in Cuckoo Farm Way, Colchester, in May. The three new restaurants will create more than 120 jobs and take Wendy’s past 30 UK locations since returning to these shores in 2021 – including 13 brick-and-mortar restaurants – with the aim to have 45 sites by the end of this year. Starting on Monday, 3 April, it will also be offering a limited-edition new Biggie Meal Deal: a spicy chicken sandwich, small fries, small drink and four-piece classic chicken nuggets for £7.99 at participating restaurants. Wendy’s is also available for delivery in Manchester, Birmingham and Greater London.
Buzzworks launches recruitment drive as it prepares for Herringbourne opening: Scottish restaurant and bar operator Buzzworks Holdings has launched a recruitment drive to support the opening of its new Herringbone bar and restaurant in Edinburgh. Buzzworks acquired the site, at 3 Royal Terrace Gardens, on the corner of London Road and Easter Road in Abbeyhill, for £2.2m last year. It is one of two openings the company has lined up in the coming months, including a new bar and restaurant in Greenock, which will take its estate to 19 sites. It is now looking to fill 20 vacancies at Herringbone, from management to kitchen and front of house, ahead of the opening this spring. Ash Bairstow, operations director at Herringbone, said: “As we further expand the Herringbone brand, we’re proud to progress as part of the Buzzworks family and create more opportunities for those keen to work with an award-winning Scottish hospitality employer that is consistently known for supporting its employees throughout every step of their career.”
Leon opens in Bath for first south west site: Natural fast food brand Leon has opened its first restaurant in the south west, in Bath. Located in Stall Street, the outlet is weighted towards grab-and-go, with the venue “digital-first” with kiosks for digital ordering and payment. At 160 square metres, the restaurant, which has created 29 jobs, feature 16 internal seats and a further eight outside. Delivery is also available. Managing director Glenn Edwards said: “Celebrated as the original home of well-being, we are delighted to bring our naturally fast food to Bath and continue with our mission to help even more people eat well, live well and be kind to the planet.” The Bath opening represents further expansion outside of London for the brand, which previously said other regional UK locations are under consideration.
Chipotle makes two further investments through its Cultivate Next fund: Chipotle Mexican Grill has made two new investments through its $50m venture fund, both designed to further the chain’s overarching goals for “bettering the planet”. Through its Cultivate Next fund, launched last year, the company has made an investment in Local Line, a Canada-based food sourcing e-commerce platform founded in 2015 for farmers, food hubs and others selling goods. The goal is to help them find buyers in their region who want to buy local. Chipotle said the investment would help support expansion of Local Line across the US, which would help the 3,200-strong chain buy local food for its restaurants. In addition, the Cultivate Next fund also made an investment in Zero Acre Farms, a San Francisco Bay Area start-up that makes “cultured oil” through fermentation. Described as more healthful and sustainable, cultured oil is positioned as an alternative to vegetable oil. Chipotle chief technology officer Curt Garner said: “Local Line exemplifies our mission to support local farmers and help grow their businesses so we can ensure the future of real food. Together we can leverage tech to unlock the potential of the US farming industry and increase access to locally sourced produce. Similar to the way Chipotle altered the perception of fast food nearly 30 years ago, Zero Acre Farms is redefining cooking oil with healthier and more environmentally friendly offerings.”
Berkeley Hotel building back from pandemic but turnover still less than half that of pre-covid levels: The Berkeley Hotel in London begun building back from the pandemic in the year ending 31 December 2021 but turnover is still less than half that of pre-covid levels. Revenue was up from a restated figure of £13,320,000 in 2020 to £23,405,000 but falls well below the £52,552,000 reported in the last full year before the pandemic, ending 31 December 2019. Pre-tax losses narrowed from £54,535,000 in 2020 to £16,134,000 (2019: loss of 2,682,000). No dividends were paid (2020: £102,709). In his report accompanying the accounts, director Fady Bakhos said: “The travel and leisure markets have slowly recovered since the pandemic, with the hotel achieving record level revpar in October and then again in November 2021, although macroeconomic factors including political and economic instability mean that forecasting 2023 performance remains challenging. In the interim, the directors and management of the company and the group are working very closely with third parties and ownership to secure sufficient liquidity to meet their obligations and renegotiating arrangements.” The period saw the launch of The Berkeley Beach Huts outdoor dining space, the festive Berkeley Winter Cabins, a new outdoor swimming pool overlooking Hyde Park, the Cedric Grolet patisserie and new rooms and suites. Post year-end, work has begun to create a “world-class hub of art and culture” at 33-39 Knightsbridge, adjacent to the hotel.
