Fulham Shore shares climb 30% after agreeing takeover, ‘vote of confidence in restaurant segment’: Shares in Fulham Shore, the Franco Manca and The Real Greek operator, climbed 30% in afternoon trading to 13.90p, after the business agreed a cash offer from Japanese restaurant group Toridoll Holdings, which valued it at £93.4m. The 14.15p per share cash offer Fulham Shore represents a premium of approximately 34.8% from the share closing price on Tuesday (4 April). As a just over 13% shareholder of the business, chairman and co-founder David Page is in line for circa £11.8m from the proposed sale. Subject to the approval by 75% of Fulham Shore’s shareholders, the acquisition is expected to complete by the end of next month. The deal already has the backing of investors representing 58% of the company’s total shares, although 10% shareholder and managing director Nabil Mankarious will not be able to put his stake toward the three-quarters threshold under his deal with Toridoll. This will see him only take half of the cash owed under the deal when it completes, and then the other half would be paid after 18 months if he stays running the business. Following the completion of the acquisition Torridol intends to reduce its holding to 51% with the investors of Capdesia taking control of up to 49%. Analysts at Shore Capital highlighted the acquisition price would represent a 20% premium to the sector average which has a positive read across for the industry. It said: “We sense this vote of confidence in the UK small cap restaurants segment alongside upbeat updates from peers on current trading could act as a catalyst to put valuations back on a positive trajectory towards their historic ranges.” Danni Hewson, head of financial analysis at AJ Bell, said: “For Page, it’s the latest tick in the box for a career that has seen him build up a series of restaurant businesses and then sell them. He was a key figure in the roll-out of PizzaExpress, which subsequently was bought by private equity firm TDR Capital, and then again with Gourmet Burger Kitchen, which was acquired by Nando’s owner. A good restaurateur spots a gap in the market, rolls out a proposition with a close eye on costs and getting good deals on leases, and then waits for it to build scale before selling the chain. One might argue the 14.15p takeout price for Fulham Shore doesn’t fully price in its potential. Eighteen months ago, it was trading close to 20p a share, after all. But in an economically uncertain environment, the price on the table might seem reasonable given the circumstances and possibly the best deal that could emerge for some time.”

 

Next edition of The New Openings Database to be sent to Premium subscribers today, to show details of 109 new sites, 5,000-word report included: The next edition of The New Openings Database will show the details of 109 newly announced site openings and upcoming launches for Premium subscribers when it is published today (Thursday, 6 April), at midday, including which company has opened a site or its plans to open one in the future. It will have details on what type of site it is and its location, and there will also be a website link to the businesses. The database is published on a monthly basis, and the next edition features growing restaurant and bakery brands, niche cuisine, and expanding experiential concepts. Premium subscribers will also receive a 5,000-word report on the new additions to the database. Premium subscribers also receive access to four other databases: the Propel Multi-Site Database, produced in association with Virgate; 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 £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 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.

Job of the day: COREcruitment is working with an independent neighbourhood bar and restaurant that is looking for a general manager. A COREcruitment spokesperson said: “You will need a good knowledge of cocktails, previous experience in a similar role, be able to oversee recruitment and training process, have the ability to maintain budgets and identify areas to improve, and have full understanding of structure, processes, and procedures.” The salary is up to £58,000 and the position is based in south east London. For more information, email kateb@corecruitment.com

 

Team behind Dirty Bones assesses options for business: The team behind US comfort food and cocktails brand Dirty Bones is assessing its options for the business, which could include a sale of its six sites, Propel has learned. Founded in 2013, Dirty Bones currently operates four London sites – in Carnaby, Shoreditch, Soho and Kensington (the latter is currently closed) – and one in Oxford under the Dirty Bones name, plus Dirty Vegan at The Balcony, in Westfield London, which is also currently closed. The company is understood to be working with Hilco Global, with offers sought for the fully equipped premises, either as a whole or for individual sites. It is thought the majority of units are held on leases with unexpired terms in excess of eight years and that in 2022 the estate generated turnover of circa £9.4m. It is thought bids for the six sites are being sought by next Wednesday (12 April). It is not yet clear whether the Dirty Bones brand is part of any sale. Last July, Hero Brands – which is behind German Doner Kebab, Choppaluna and Island Poké – invested in Dirty Bones to drive its UK growth. Hero Brands said using its extensive franchising knowledge and network, that talks were already underway with key franchise partners regarding new Dirty Bones locations. The strategic partnership also saw Hero Brands join the Dirty Bones board with early investors Hard Yards Global. It is thought the future of the Dirty Bones brand could be under a franchise model with Hero Brands.

SushiDog secures new investment, experiencing record sales: Quick service sushi roll restaurant SushiDog has secured new investment to aid its ambition to grow to a 25 to 30-strong business over the next five years. Founded in 2018 by Greg Ilsen and Nick Goldstein, the business operates sites in Covent Garden’s Tower Street, Westfield White City, Soho and Bishopsgate. It has secured investment from Middleton Enterprises, a family-owned business. Middleton Enterprises is leading a funding round of £612,000 in SushiDog, with a view to providing a longer-term investment that offers financial and strategic support. Primarily, the funding round will support the opening of new outlets in central London in 2023, with some investment in other areas of the business such as strengthening its leadership team. Ilsen told Propel: “We've experienced record sales so far in 2023 and we expect all of our stores to continue to perform well through our busier spring and summer seasons. This is against a backdrop of strong headwinds in the industry, as margins continue to be a challenge. We're working on two new sites due to open in the summer, and we are having earlier stage discussions with landlords about additional units later in the year/early 2024. The goal is still to reach 25-30 units in the next five years, however we won't let that target force us into opening sites just for the sake of growth. We're fortunate our new investors are aligned with our growth plans and will not apply pressure on us opening stores at a faster rate than we are comfortable with.” Jeremy Middleton, chief executive of Middleton Enterprises, added: “SushiDog provides customers with an innovative and fun way to order and eat sushi. The fresh ingredients offer a healthier alternative to the other ‘grab and go’ type offerings in this fast-growing category. We felt the combination of its unique concept and strong economics, along with its impressive and ambitious founders and advisory board make SushiDog the perfect fit for our growth capital offering, and we look forward to adding value to the company as it grows.”

PizzaExpress appoints Lawrence Harvey as new COO: PizzaExpress, the Paula MacKenzie-led business, has further strengthened its management team with the appointment of Lawrence Harvey as its new chief operating officer. Harvey, who co-founded and was managing director of Tesco’s Jack’s discount chain, joins PizzaExpress from Dobbies Garden Centres, where for the past 14 months he has been its operations director. Previous to that he spent two years, as managing director – head of east region, footprint transformation and access to cash services at Barclays. Reporting directly to MacKenzie, Harvey will lead operations across all PizzaExpress’ 350-plus restaurants in the UK and Ireland. The company said: “This appointment comes at an exciting time for PizzaExpress, the brand has a clear focus on offering the very best experience for its customers. Substantial changes have already been made at the brand including a rapid digital transformation with more than 1.4 million people now in the PizzaExpress Club app, an accelerated remodel programme and an expanded delivery proposition.” MacKenzie said: “Customers come to PizzaExpress for a special experience so it’s important we have a strong operational leader to drive service and standards across our estate. Lawrence brings a wealth of experience with a proven-track record engaging teams to deliver results. Leading our operators, he will ensure we’re offering the very best experience for our customers whether they’re dining with us or receiving a delivery. We’re pleased to have another great talent join team PizzaExpress.” Last month, Propel revealed PizzaExpress had appointed Jo Vaughton, formerly of Mollie and Celebrity Cruises, as its new marketing director. 

 

Central London Lebanese business Noura Brasseries placed on market: Noura Brasseries, the central London Lebanese restaurant and deli business, has been placed on the market, Propel has learned. Run by the Bou Antoun brothers – Nader and Jean Paul – since the 1970s, the Noura Lebanese restaurant chain started life in Lebanon, before moving to Paris a decade later and finally London in 1999, where the business opened a deli in Knightsbridge. It has since added restaurants in Belgravia, Kingston and Mayfair, plus an events/catering business. Propel understands Hilco Global has been appointed to seek offers for the leasehold premises either as a whole or for individual sites. The deadline for offers for the business, which generated turnover of circa £3.5m for the year to the end of May 2022, is believed to be next Thursday (13 April).

 

Robinsons acquires Cheshire pub from Marston’s: North west brewer and retailer Robinsons has acquired Hartford Hall in Hartford, Cheshire, from Marston’s in a private deal. The acquisition sees the Robinsons managed pub portfolio grow to 28 properties, taking the company’s total number of sites to more than 250 across North Wales and the north west of England. Hartford Hall has 20 bedrooms and also features a private dining area. William Robinson, joint managing director at Robinsons, said: “The acquisition of Hartford Hall is a very important part of our long-term growth plans for our managed pub estate, to secure and develop iconic pubs in exceptional locations. We believe the pub has an exciting and prosperous future within our business, which has been around since 1838 and fully intends to be around for a long time to come.”

RBH Hotels sees rise in turnover but not yet back to pre-pandemic levels: RBH Hotels UK – part of RBH Hotel Group – saw a rise in turnover in the year ending 31 August 2022, but revenue is not yet back to pre-pandemic levels. The company reported turnover of £16,854,000 for the period, up from £10,124,000 in 2021 but still below the £21,085,000 reported in the last full year before the pandemic, ending 31 August 2019. Pre-tax profit rose from £1,438,000 in 2021 to £1,916,000 (2019: £4,299,000). The company received £14,000 in government grants compared with £1,151,000 in 2021. A dividend of £1,000,000 was paid (2021: nil). Director Andrew Robb, in his statement accompanying the accounts, said: “The results were driven by higher management fees from improved hotel performance following the lifting of covid restrictions. Management fees are calculated with reference to both revenue and profit levels, and so the group’s revenue is protected to an extent from being eroded by pressure on hotels’ profitability.” RBH said it is “actively seeking new opportunities to increase the portfolio”, with “further expansion already secured” and “signed contracts in place for new hotels”. It added: “The group is constantly assessing new opportunities around the UK and overseas.” RBH features in the Propel Turnover & Profits Blue Book. Its turnover of £16,854,000 is the 314th highest in the database. Its pre-tax profit of £1,916,000 is the 234th 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 £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email jo.charity@propelinfo.com to upgrade your subscription.

Ole & Steen launches ‘grab and go’ concept as it opens Canary Wharf site: Danish bakery Ole & Steen has launched a “grab and go” concept as its opens a new site in London’s Canary Wharf. Catering to the high-traffic commuter area, the new concept at Jubilee Place aims to “create ultimate convenience during precious lunchtimes and peak rush hours”. On offer in the new “grab and go” range is an assortment of Ole & Steen’s freshly baked pastries, sweet treats, breakfast and lunches, all pre-packed. Lee Nixon, managing director at Ole & Steen, said: “We are thrilled to further support customers on the move with the launch of our ‘grab and go’ concept. With its vibrant and bustling business community, Canary Wharf is the perfect place for us to trial the new offering, and we will be monitoring how well the new concept performs, with the hopes of rolling it out across all of our bakeries in the UK.” The new offering comes as Ole & Steen furthers its rapid expansion plans, having doubled the number of stores it operates in the UK since 2020. Over the past two years Ole & Steen has opened 14 bakeries in London and the surrounding area, including a site in Kingston-upon-Thames last month.

Red Oak acquires Ipswich pub: Red Oak Taverns, the national pub operator founded by Aaron Brown and Mark Grunnell in 2011, has acquired the freehold of the Thomas Wolsey pub in Ipswich. Damon Jeffery, who previously ran the award-winning Freston Boot as well as several large pubs in London, is taking over as the tenant. He said: “I’m really looking forward to taking on the pub with Red Oak Taverns. We are going to be introducing some local real ales alongside a new drinks menu, live music nights and a quality food menu in the summer.” Located in St Peter’s Street, which connects the town centre to the waterfront area of Ipswich, the pub dates back to the 17th century. Graeme Bunn, property and acquisitions director for Red Oak Taverns, added: “As part of our acquisition programme, we are on the lookout for well-located community pubs, and The Thomas Wolsey is a great addition to our estate. It’s brilliant we have as experienced tenant as Damon to take it over and develop it.”

 

Lake – versatility is facilitating Chopstix’s rapid expansion: Jon Lake, managing director of Chopstix Group, the UK’s largest Asian quick service restaurant (QSR) group, has said the brand’s versatility is facilitating its rapid expansion, including its continued openings in shopping centres. It comes after the company added another shopping centre store to its portfolio, opening in Brent Cross, north London. The launch brings the total number of shopping centre locations in the brand’s estate to 33, and follows last month’s opening in the Lexicon shopping centre in Bracknell and launches in Liverpool St Johns and Cardiff St David’s shopping centres last summer. Lake said: “We’ve been greatly encouraged by the popularity and performance of the Chopstix brand in shopping centres. Our adaptability is a great asset as it means we can deliver great success across all store categories, with footprints ranging from 200 square foot to 3,000 square foot. This versatility is facilitating our rapid expansion, and is the reason we’re now considered the largest Asian QSR in the UK.” Sam Elia, co-founder of Chopstix, added: “The popularity and performances of these sites demonstrates the brand’s versatility as an appealing partner for landlords. Chopstix operates successfully in shopping centres either as a standalone restaurant or as part of a food court set-up, and even has some hybrid sites with a breakfast operator serving from the unit in the morning, before Chopstix opens for lunch. With best-in-class operational processes and a flexible concept, new sites are delivering payback on investment at an industry-leading speed.”

Only Food & Courses co-founder and former Knoops head of operations raising £150,000 to start new food and music cafe concept: Only Food & Courses co-founder and former Knoops head of operations Martyn Barrett is raising £150,000 to start a new food and music concept, Propel has learned. Barrett, who is also a former operations manager at SSP and director at Rhubarb Hospitality Collection, is looking for the investment to start up Cafe Cliches. Confirmed pop-up sites in London’s Shoreditch and Soho will kick off the concept this summer, with two more neighbourhood sites coming later this year, with a view to eventual permanent locations. It will also be taking a “food truck” around several of the UK’s biggest festivals in 2024. Barrett has been approaching investors for a minimum £5,000 investment and is hoping to reach his target by next week’s extended deadline of Thursday, 13 April. “We came up with the concept and kept adding to it – it was originally just going to be going around the festivals,” Barrett told Propel. “Then we realised the US scene is really going in for ‘bricks-and-mortar pop-ups’ and we believe they are the way to go. The advantage is we can put it up for a month, create some excitement, get a real insight into our demographic and test the water in different locations – which then reduces the risk when we come to look at permanent sites. We’re looking for four pop-ups per year and three permanent neighbourhood sites over the next five years. We will also look, in 2024, to launch Food & Music at Home – a premium version of home delivery but with a twist – followed by a book. Our intention is to progress beyond the UK, but only after gathering enough information from our UK operations as to how we do this.” The music will be a mixture of live and pre-recorded performances, while the food offering will include bacon and scallop rolls for breakfast, pastries and local coffee, plus “savoury Cornettos” served ahead of the evening menu. Former Patisserie Valerie managing director Paolo Peretti has come on board as a non-executive director, while the team also includes Kieran Brine (ex-Rhubarb) as executive head chef, and Royal Academy of Music alumni Oli Jones as music expert.

Lincoln Green Brewing Company eyes further growth as it acquires seventh site, dividing it into two pubs as it launches craft beer concept: Nottinghamshire operator Lincoln Green Brewing Company has acquired its seventh site. The company has taken the lease of The White Lion in Beeston – its fourth site with Heineken-owned Star Pubs & Bars – and is dividing it into two pubs in a joint £625,000 development. The revamped building will encompass The White Lion – a 40-cover traditional cask ale house – and Blackshale Bar & Kitchen, a 100-seater contemporary bar specialising in craft ale and modern English cuisine. The pubs will share one licence. The White Lion will follow Lincoln Green’s established cask ale pub format. Blackshale will be the first pub in a new concept focused on craft beer. The project is the brainchild of Anthony Hughes, founder of Lincoln Green, who came up with the idea of making two pubs out of one based on his previous 30-year career in retail with companies such as Arcadia. Hughes said: “It’s common for high street retailers to split up shop units to accommodate more than one retail brand. The White Lion site is massive. It creates the opportunity to have two pubs with different offers providing routes to market for both our cask and craft beer.” Each pub will have its own entrance and Blackshale will also have a 100-seater all-weather garden. The interiors of the pubs will be separate, although a sliding bookshelf will enable movement between the two. Lincoln Green is looking to open more cask ale and craft beer pubs within a 50-mile radius of its Hucknall brewery, putting both concepts on sites with the right profile. Hughes added: “For the foreseeable future we will be growing our estate via leased pubs. They allow us to expand more rapidly, and we benefit from pub company investment and support. For us they’re a real business partnership.”

South African boutique cafe group Tashas secures UK debut site: South African boutique cafe group Tashas has secured its debut UK site, in London’s Battersea. Founded by Natasha Sideris and her brother Savva in 2005, the brand – which operates circa 30 locations in Johannesburg, Pretoria, Cape Town, Durban, Dubai, and Abu Dhabi – will open a site later this year at the Battersea Power Station development. The business, which is part of the wider Sideris Group, was acquired by former Gourmet Burger Kitchen owner Famous Brands in 2008, but bought back its shares in 2019. Sideris said last year that it sees the group – which also owns the Flamingo Room by Tashas, Bungalo34, Le Parc, and Nala concepts – operating between 50-70 restaurants globally within the next five to ten years. Sideris has business partners in the UAE and the UK who are providing the additional finance necessary for the expansion. On the UK market, Sideris said last year that she was cautious and believed it had tough barriers to entry. She said she will assess the launch of the first Tashas here before rushing to open more.

Remarkable Pubs reports all but two sites matching or exceeding pre-covid levels, returns to profit: London-focused pub collection Remarkable Pubs, which operates 11 sites across the capital, has said all but two of its locations are now matching or exceeding pre-covid levels of trade. It comes as the company reported turnover of £6,480,353 for the year ending 30 June 2022, up from £2,989,443 in 2021 and exceeding the £6,128,812 reported in the last full year before the pandemic, ending 30 June 2019. It also returned to profit in the period, reporting a pre-tax profit of £466,432 compared with a loss of £365,215 in 2021 (2019: profit of £987,349). No dividends were paid. Director Robert Thomas, in his statement accompanying the accounts, said: “Since the year-end, sales levels have continued to increase at all but two sites, and as a result of careful planning, the company has achieved some excellent results during the 2022 World Cup. The directors have been pleased to see trade develop quite well across most of the sites to the extent that by the end of the year, all but two sites were back up to and/or exceeding pre-covid trading levels. The company directors are constantly on the lookout for new sites to invest in, and as soon as a suitable site becomes available, they will expand the business further. In the meantime, after a difficult two years, the company is beginning to enjoy increased profitability and is consolidating its position in the market.”

 

Mission Mars to house hospitality academy and bake-at-home business at new Manchester Rudy’s: Mission Mars is set to house a new hospitality academy and a relaunched bake-at-home business at its latest Rudy’s site, in Manchester, Propel has learned. The 8,000 square-foot site, in Portland Street, will be the sixth Manchester location, and 18th in the UK overall, for the Neapolitan pizza brand when it opens this spring. Spread over two floors in the former Dawsons Music & Sound site, it will be home to both the new Mission Mars Hospitality Academy and the Rudy’s Bake at Home business, as well as a 120-cover restaurant. The academy will take just over half the space, providing a structured training programme open to both experienced pizza chefs and those new to making pizza. Rudy’s Pizzaiolo Academy is set to welcome more than 100 pizza chefs in the first year, and every new Rudy’s back-of-house team member will start their journey there. The Mission Mars Hospitality Academy, meanwhile, will help develop leaders of the future. Jo Branney, people and culture director of Mission Mars, said: “We are delighted to be bringing our dream of having our own academies for training and developing our teams to life at Portland Street – we look forward to growing it into a world-class and leading training space for Neapolitan pizza making. In 2022, we delivered more than 50 days of hospitality management training courses and workshops, and we have big plans to take that to the next level.” The new location will also be the headquarters for the brand’s pizza-at-home arm, as it relaunches Rudy’s Bake at Home. Developed during lockdown, it will be available for nationwide delivery from this spring. Earlier this year, BGF-backed Mission Mars said it will look to open six to eight Rudy’s sites per annum as part of its three-year plan, and one Albert’s Schloss beer hall.

 

London private members health club seeking further shareholder investment to help meet its obligations: KX Group, which operates London private members health club KX Life, has said it is seeking further shareholder investment to help meet its obligations. The club, located at 151 Draycott Avenue in London’s Chelsea, offers a gym, spa, restaurant and clubroom. In its accounts for the year ending 31 December 2021, the company reported turnover of £5,604,835, up from £4,555,067 in 2021 but well behind the £9,291,124 in the last full year before the pandemic, ending 31 December 2019. Adjusted Ebitda showed a loss of £99,913, an improvement on the loss of £1,034,584 in 2020 (2019: profit of £879,965). Pre-tax losses grew from £2,287,141 in 2020 to £3,273,124 (2019: loss of £419,565). It received £444,803 in government grants compared with £777,198 in 2020. Director Adrian Harris, in his report accompanying the accounts, said: “As a result of the coronavirus pandemic, the business made a loss during the year. The directors are satisfied with the measures taken to mitigate the loss and believe the business remains in a strong position to recover and trade profitably post-lockdown. During 2021, an unsecured shareholder loan totalling £590,000 was agreed to help the group meet its obligations as they fell due. Further unsecured loans have been provided during 2022 totalling £650,000. The shareholders continue to support the business, and it is expected that further cash injections totalling not less than £300,000 will be made in the 12 months from the date of approval of these financial statements [20 March 2023]. At the date of approval, this additional funding had not been committed. However, following discussions with the shareholders, the directors are confident the additional funding will be provided as required. The long-term lease of the premises expired on 22 March 2021, and the business continues to occupy and trade from the premises on a rolling-over basis. The directors have a reasonable expectation that an extension will be agreed and signed within the next 12 months.” 

 

Dishoom signs up for Battersea Power Station development: Indian restaurant group Dishoom is set to further strengthen its presence in London, in Battersea. The business, which most recently opened in Canary Wharf’s Wood Wharf, five years on from its last opening, is set to open later this year at the Battersea Power Station development. Propel revealed last month that Dishoom was in talks to acquire the former Socialite Restaurant and Bar site in Brighton’s East Street and has applied for a licence to operate at the site. The business has been operating out of the nearby Deliveroo Editions site in Hove since the end of 2020. Since launching in 2010, Dishoom has grown to nine cafes, comprising six in London, plus restaurants in Manchester, Birmingham and Edinburgh, and a dozen delivery kitchens. It will be joined at the Battersea scheme by Arcade Food Hall, a 24,000 square-foot dining experience, which will be opening with three standalone restaurants, including award-winning Taiwanese restaurant Bao, and a cocktail bar. The Various Eateries-owned Noci Pasta, and Searcys, which will be opening a permanent bar following a successful pop-up inside the power station, are also set to launch at the scheme. 

 

Sixes to open in Brighton: Sixes, the cricket-based competitive socialising concept from the founders of Mac & Wild, will open its eighth site this summer, in Brighton. The competitive socialising concept will be taking over the current on-site restaurant space at Brighton i360 in June. Calum Mackinnon, co-founder of Sixes, said: “We have always dreamed about having a Sixes on the beach and our new location at Brighton i360 gives us just that! As well as our indoor nets, we plan to have three enclosed and weatherproof outdoor nets, with beach and sea views. We are excited to be adding to the amazing experiences that Brighton i360 and the city of Brighton already offer." Sixes opened its most recent site at the end of last year, in Leicester, its first franchise site. The business teamed up with two local business partners, Neer Modha and Ravi Mashru, to launch in the city, in the premises formerly occupied by restaurant 19 Gale, in Halford Street, in the city’s Cultural Quarter. The business also operates four sites in London, plus venues in Birmingham and Manchester. Sixes is backed by several former professional cricket players, including ex-England captain Sir Andrew Strauss, and Promethean Investments. Will Biggart, of Torridon, acts for Sixes.

 

Indian restaurant concept Noir sets out expansion plans: Indian restaurant concept Noir, which launched in east London at the end of last year, is planning to open five new sites over the next two years. The company launched its debut site in South Woodford last December. Managing director Ardy Ardakani told the Feed the Lion website that a second site will launch in Hayes, west London, by the end of next month. The business will then shift focus to a site in Manchester in August before ending 2023 with a site in Denham, Buckinghamshire. In 2024, Ardakani said the company will look to make a move into central London with Knightsbridge or Edgware Road as potential locations. He also said an international opening in Dubai was also being considered. 

 

Robert Parker Collection sells hotel for almost £7m to help repay bank loans, returns to profit: Robert Parker Collection, which owns four luxury hotels and spas in Northumberland and Scotland, sold one of its venues for almost £7m to help repay its bank loans. The sale, to the Inn Collection Group, was detailed in the group’s accounts for the year ending 31 March 2022. Under post balance sheet events, it said: “During November 2022, the group completed the sale of the property The Wordsworth Hotel for £6,950,000. A portion of the sales proceeds have been utilised to repay the bank borrowings disclosed in these financial statements.” Under going concern, it added: “The directors are in the process of disposing of certain non-income earning assets to provide the funds required to repay the company’s bank loans of £2.4m. Based on progress to date, the directors have a reasonable expectation that the sales will proceed successfully within the required time frame to repay the loans within their terms. The directors are working closely with the group’s bankers, who are fully supportive of this business plan.” Trading as Tedsmore Hall, the grade II-listed building where the company is based, it reported turnover of £10,432,060 for the period, up from £3,596,165 in 2021. In the last full year before the pandemic, ending 31 March 2019, the company turned over £11,147,150. It also returned to profit for the first time since 2018 as it reported a pre-tax profit of £237,661 compared with a loss of £814,619 in 2021 (2019: loss of £847,045). The group has net assets at the year-end of £7,355,144 (2021: £7,117,483 restated), after net current liabilities of £4,629,189 (2021: £4,003,774 restated). No dividends were paid. It received £302,708 in government grants compared with £2,355,041 in 2021. The group also operates Dalhousie Castle and Ednam House Hotel in Scotland, plus Doxford Hall and Eshott Hall in Northumberland.

 

Fat Hippo confirms Soho opening, builds regional pipeline: Better burger brand Fat Hippo has confirmed it will open its next site in London’s Soho. As revealed by Propel last year, Fat Hippo is opening on the former Las Banderas site in Wardour Street. It will be the second London site and 17th in total for the business, which was founded in 2010 by Michael Phillips. It made its debut in the capital last autumn with an opening in Shoreditch. The company said: “We have exciting plans to continue growing, with further sites being established over the next year, including restaurants in Cambridge and Edinburgh.” The company, which previously said it planned to open six sites across the UK this year, has also been linked to openings in Chester, Bath and Reading. Jake Bernstone, of Stonebrook London, acted on behalf of Fat Hippo on the Soho site.

 

Bru Coffee & Gelato closes Reading site, opens new London store: Coffee shop concept Bru Coffee & Gelato has closed its store in Reading and opened a new one in London. The six-strong brand posted a notice in the window of its store in Friar Street, Reading, saying it had closed permanently. However, it has also opened a new store in Vauxhall, south London. Bru also operates two sites in Leicester and one each in Cardiff, Harrow and Walthamstow.

 

Eastbourne hotel turnover higher than pre-pandemic levels: The Hydro Hotel in Eastbourne has reported turnover higher than pre-pandemic levels for the year ending 31 October 2022. Revenue for the period of £4,402,288 was up from £2,791,482 in 2021 and from £3,733,698 in the last full year before the pandemic, ending 31 October 2019. Pre-tax profit fell slightly from £457,026 in 2021 to £445,211 (2019: £282,074). The company received £7,098 in government grants compared with £2,791,482 in 2021. It paid ordinary dividends of £120,000 in respect of the previous year’s accounts reinstated, and £84,000 from 2019, which had been declared for payment in April 2020 before being cancelled due to the pandemic. At the year-end, the company had a net current asset position of £1,459,345 (2021 £1,254,405). In his statement accompanying the accounts, group chairman Graeme King said: “Despite careful monitoring of food and drink costs, the gross profit percentage was slightly down on the previous year, but increased sales meant that overall, profitability was up. Capital improvements during the year included the refurbishment of the Orangery, the Crystal Restaurant and Wedgwood patio. Further updating of the decor and furniture of the Crystal Restaurant will be undertaken in the coming year, and it is planned to install solar panels at the hotel. Overall, it has been a difficult year, balancing the needs and expectations of investors while protecting the skill base and staff so the hotel can continue delivering its high-class service. However, decisions were made taking into account the interests of all stakeholders.” The company has operated the hotel, for which it owns the freehold, since 1895. It has operated additional premises in the past, and the directors “continue to review whether to expand the business to operate additional locations” – but for the time being will focus on “maximising the business at Hydro Hotel”.