Joe & the Juice valued at $600m after securing new investment for growth, including UK: US private equity firm General Atlantic has reached an agreement to buy a majority stake in Joe & the Juice, the juice and café bar chain, which is thought to value the business at $600m (£489.1m), including debt. The deal will see further funds injected into the business to help with its growth in international markets, particularly in the US, but also the UK, and also reduce its debt pile. General Atlantic, which has been a minority stakeholder in Joe & the Juice since 2016, bought the stake held by Swedish private equity firm Valedo Partners, which will no longer have an investment in Joe & the Juice. The business, which operates circa 360 sites globally, including around 65 in the UK, said it plans to leverage the expanded partnership to further accelerate the growth of its global footprint in key international markets. Since General Atlantic’s initial investment, Joe & the Juice said it has achieved global scale and strong performance, growing revenue profitably by more than four times and doubling its store footprint, having had 175 sites in 2016. During this time, it has launched and significantly invested in digital channels, which now account for 30% of sales and are growing. The company said: “Part of General Atlantic’s investment will be used to reduce debt on the company’s balance sheets and focus on an unlevered store rollout in key international markets. General Atlantic’s additional investment in Joe & the Juice intends to focus on continued international expansion in key markets, particularly in the US. The company sees growth opportunities in additional international markets, including the UK and Europe, Middle East, Asia, and Latin America. Following its success in the Middle East, where Joe & the Juice now has 23 franchised stores, the company plans to accelerate its franchising partnership worldwide.” Thomas Noroxe, chief executive of Joe & the Juice, said: “Over the past seven years, General Atlantic has demonstrated a true dedication to collaboration as we have worked together to achieve our growth aspirations. As we make strides into our next chapter, we look forward to bringing Joe & the Juice to more customers globally through our focus on geographic expansion, franchising, and a seamless omnichannel experience.” Melis Kahya Akar, managing director and head of consumer for EMEA at General Atlantic, added: “Our increased investment in Joe & the Juice is a testament to the global receptivity of the brand. We see further runway to double down on our commitment and unlock the business’ full potential.” In February, Propel reported Joe & the Juice carried out a refinancing last year, as the launch of several digital initiatives helped its UK business swing back into profit. The brand’s UK business posted turnover for the year to 31 December 2021 of £27,355,663 (2020: £20,306,331), with a pre-tax profit of £1,132,288 versus a loss of £4,899,291 in the previous 12 months. Joe & the Juice features in the Propel Turnover & Profits Blue Book, the latest edition of which was sent to Premium subscribers last Friday (10 November). Its turnover of £27,355,663 for the year to 31 December 2021 is the 303rd 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 kai.kirkman@propelinfo.com to upgrade your subscription.

 

Next Who’s Who of UK Food and Beverage to feature more than 211,000 words of content: The next Who’s Who of UK Food and Beverage will feature more than 211,000 words of content when it is released to Premium subscribers on Friday (17 November). The database now features 789 companies, and this month’s edition includes 34 new additions and 83 updated entries. The companies, listed in alphabetical order, will have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Meanwhile, for the first time, Propel group editor Mark Wingett has chosen the best videos from the Propel conferences in 2023, picking out a selection of talks and interviews that resonated with delegates from across the breadth of the hospitality sector. The 12 videos will be made available to Propel’s Premium subscribers at 9am on Friday, 24 November. Premium subscribers also receive access to five other databases: the Multi-Site Database, which is produced in association with Virgate; the Propel Turnover & Profits Blue Book; the New Openings Database; the UK Food and Beverage Franchisor Database; and the UK Food and Beverage Franchisee Database. 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 kai.kirkman@propelinfo.com to upgrade your subscription. Premium subscribers are also being given exclusive access to the recording and slides to Propel Multi-Club Conferences. They also receive their morning newsletter 11 hours early, at 7pm the evening before; regular video content and regular exclusive columns from Mark Wingett.

 

Drink-only visits to pubs increase significantly as dwell times drop and older age groups return: Drink-only visits to pubs have increased significantly in 2023 as dwell times drop and older age groups return in greater numbers. New research from KAM and the British Institute of Innkeeping showed drink-only visits to pubs have accounted for 36% of visits in 2023 compared with 26% in 2022. The research also shows that average dwell time in pubs is slightly down versus 2022, with a net decrease of 4%, and with women (down 12%) and 55-plus age groups (down 7%) showing the strongest decline. It also found that after taking longer to return to the on-trade post-covid, older age groups are now accounting for a bigger proportion of spend, although 18 to 34-year-olds still makes up the highest share of spend in UK pubs and bars (28%) and visit most frequently. Pubs still command the highest share of hospitality spend (29%) compared with fast food (16%), delivery (14%) or casual dining (5%). Consumer spend across these channels has remained relatively flat year-on-year, with a slight migration from pubs, casual dining and other restaurants towards fast-food/takeaway and coffee and sandwich shops. Many customers are tolerant of recent price increases, with 76% saying they expect them to increase this year and 51% thinking it’s acceptable. Pub customers also want a more customised experience, with 70% wanting to be able to customise their food orders in pubs, yet only 51% of publicans surveyed believe it’s important.

 

Job of the day: COREcruitment is working with a well-established, award-winning restaurant group in Queensland, Australia, which is seeking a managing director. A COREcruitment spokesperson said: “The restaurants serve a diverse range of cuisine including Italian, Japanese and Asian, and use techniques such as open fire cooking. The business has huge expansion plans upcoming and is looking for an exceptional managing director with a passion for the restaurant industry and a drive for excellence. Alongside other executives, you will identify and pursue new business opportunities, such as expansion into new locations or strategic partnerships; establish and implement goals and objectives in alignment with the company’s overall vision and strategy; and provide leadership and guidance to all restaurant staff, building and fostering a culture of innovation, creativity and operational excellence.” The salary is up to $200,000 plus relocation assistance, bonus potential, pension and more. For more information, email danny@corecruitment.com.

 

Kaye family to open new Italian restaurant near London’s Marble Arch: Adam and Sam Kaye, who founded the ASK Italian and Zizzi restaurant brands, are to open a new Italian restaurant near London’s Marble Arch, Propel understands. It is understood that the brothers have acquired the ex-Kurobuta site (previously an ASK) in Kendal Street, for an opening in the first quarter of next year. It is believed that the new venture, which is yet to be named, will be a one-off. It is thought the new restaurant will focus on “modern Italian cuisine in a casual dining setting”, while the menu will offer “incredible fresh pasta and master-crafted pizza, chargrilled meat and fish and the best produce from the UK and Europe”. The Kaye family were previously the majority shareholders of Prezzo, which was led by Adam’s cousin Jonathan, who returned to the restaurant scene with his new Italian concept, Storia, in 2021. Adam Kaye is also an executive director at cinema chain Everyman. 

Nisha Katona – ‘no boundaries’ when it comes to Mowgli expansion, plans to open up to five sites annually with business ‘trading its socks off’: Nisha Katona, chief executive of Indian street food brand Mowgli, has said there are “no boundaries” when it comes to expansion and intends to open up to five sites annually. In 2014, Katona gave up her career as a barrister to establish the first Mowgli in Liverpool’s Bold Street. Serving fresh, home cooked-style Indian food, the brand now operates 19 sites across the UK. Katona, who is also the executive and development chef at the company, told Insider Media that 2023 has been one of two halves, explaining that at the start the cost-of-living crisis “really had an impact”. “We ticked over but definitely saw a different pattern in trade, where people were only going out on weekends,” she said. “Then, interestingly, it got to late summer and people seemed to realise that the reason we live and work is so that we can go and spend time with our loved ones, and the place we do that in is a restaurant. People took to the streets and supported local businesses, and that was really encouraging – then we traded our socks off.” Mowgli has seen strong demand in recent times, turning over £26.8m in the year ended 31 July 2022 and returning to profit following a drop-off on the back of the covid-19 pandemic. As a result, new venues are lined up for Bristol, Bury St Edmunds, Chelmsford and Knutsford, with Katona also considering sites in Lincoln and Newcastle. “I do intend to build about four or five a year,” she said. Despite continuing to expand, Mowgli will always have the type of service that “makes you feel like you are in your nan’s living room”, said Katona, who believes there is a “real duty to talk about my journey, and I think it can inspire a lot of women”. Looking ahead, global expansion is very much on the cards, and Katona has considered cities such as New York, Amsterdam and Dublin for new restaurants. “International growth is something that is looping in my mind,” she said. “The food is fresh and good for you, and I think places need food like that. There are no boundaries to where I would look.”

 

Popeyes UK appoints Matt Hudson as first people director: Popeyes Louisiana Kitchen, the US fried chicken quick-service restaurant brand, has appointed Matt Hudson, formerly of Wagamama and Travelodge, as its first people director, Propel has learned. Hudson joins Popeyes UK this month after spending more than five years at Wagamama, including the past three years as its people director. During this period, Wagamama was voted a top employer for three consecutive years and has featured as a Financial Times leading diversity employer across Europe for the past two. Previously, he was head of people business partnering at Travelodge. Hudson will join the leadership team at Popeyes UK, where he will oversee more than 2,500 employees across the business, which is set to grow to in excess of 5,000 in 2024. Launched in 2021 in the UK, Popeyes UK has expanded to 35 sites and said it has “double that number in the pipeline already”. Earlier this year, the brand secured £50m of funding from leading private equity firm TDR Capital to accelerate its already successful growth plan. The brand said it has served more than nine million customers in just under two years, since its launch in the UK. It said its latest store opening in Scotland is one of the busiest ever globally, “breaking all UK records”, and having served more than 20,000 customers in its opening week. Popeyes UK chief executive Tom Crowley said: “Matt’s exceptional track record in talent management and commitment to diversity and inclusion align perfectly with our values and growth ambitions. Matt will help us develop our culture as a leading employer of choice in the UK and I’m also excited to see where Matt's leadership will take our employee experience as we maintain our positive momentum and continued expansion.” Hudson added: “I’m thrilled to be joining Popeyes at such an important point of their UK growth journey. I’m excited to join the impressive team as it looks towards another record-breaking year.”

 

Parogon forecasts turnover rising above £25m as it prepares to open latest venue, refinancing accelerates expansion plans: Staffordshire operator Parogon has forecast turnover will rise above the £25m mark in its current financial year as it prepares to open its latest venue. The business reported revenue of £23.8m for the year ending 30 June 2022, up from £10.2m in 2021, which was “significantly impacted” by covid restrictions. It comes as the business prepares to this month open The Orange Tree in Congleton – a second site for its Orange Tree concept as it expands under a new hybrid model. It will also use this model for its next phase of growth, rolling out its Willow Tree concept – with ten of these due to open by 2026, as previously reported. “As the company looks ahead to 2024, it anticipates impressive growth in performance metrics, including turnover and recruitment,” the business said. “The opening of new sites, such as the Congleton Orange Tree, is expected to push annual turnover beyond £25m. Additionally, the company’s acquisition of Willow leaseholds will enable faster expansion. Following the success of its all-day dining concept, Willow, Parogon is in the final stages of negotiations for a new venue in the Midlands, set to open in 2025. Willow’s relaxed dining experience with comfortable seating, vibrant evenings and dog-friendly atmosphere has continued to resonate with guests, further fuelling the group’s expansion initiatives.” Of its forthcoming opening, the business said: “One of the most notable developments is the upcoming opening of the Orange Tree restaurant in Congleton, scheduled for November 2023. Housed in a historic grade II-listed building, the Orange Tree Congleton promises to redefine the local dining scene. With Congleton experiencing significant residential growth, this expansion opens up a new market for Parogon, complementing the group’s existing sites.” In February, Parogon told Propel a refinancing had freed up a £5m pot for “aggressive expansion”, and the business added that this has enabled it to “accelerate its growth targets, with plans to bring its unique style of operation to new areas”. Phil Sharp, the group’s property director, added: “Parogon Group’s strategic expansion initiatives and forthcoming ventures mark a significant milestone in our company’s history. As we continue to grow, we are committed to providing exceptional dining experiences and look forward to venturing into new areas.”

 

Pizza Pilgrims makes key board appointments: Pizza Pilgrims, the pizzeria brand, has made two key appointments to its board, with the addition of sector consultant Annica Wainwright and former Pret A Manger chief people officer Andrea Wareham as non-executive directors, Propel has learned. The appointments are part of the 24-strong, Imbiba-backed company’s ongoing plan to better balance its board representation, including having more female representation. Wainwright, who will represent brand and customer experience, is a consultant in the hospitality space working with brands like Dishoom, Hawksmoor, Caravan and Rosa’s Thai on brand, marketing, menu optimisation and customer experience. Wareham, who will represent people, left Pret last autumn after more than 22 years with the brand, starting as a HR manager before a 14-year stint as its global HR director, and finally chief people officer. Thom Elliot, co-founder of Pizza Pilgrims, told Propel: “We are so delighted to have two people joining our board who are so experienced in their respective fields and so aligned to what we are trying to achieve at Pizza Pilgrims. They will both get us asking interesting questions about how we can strive to be better as a business every day for our customers and our teams – and they will bring great balance to the discussion at the board table.” The Gavin Smith-led business recently opened in Leeds after acquiring the former Beer Hawk site in the city’s Boar Lane. Propel understands Pizza Pilgrims is in talks on sites in Paddington Square and King’s Cross in London, while also looking for “interesting” sites in cities such as Bristol, Cardiff and Edinburgh.

 

SA Brain appoints former Carlsberg Marston’s MD as new chairman, fully repays debt: Welsh brewer and retailer SA Brain has appointed former Carlsberg Marston’s managing director Richard Westwood as its new chairman. He joins chief executive Jon Bridge and non-executive directors Catherine Cooke and John Rhys on a newly formed board to further support its growth plans. It comes a year after he joined SA Brain in a newly created non-executive director role, a few months after retiring from Carlsberg Marston’s, where he spent 47 years in various roles. Bridge said: “Following a successful year in which our bank debt has been fully repaid, I am delighted to announce Richard Westwood’s appointment as chairman. His appointment strengthens our vision for re-energising our brand and board team even further. Richard brings with him an unparalleled 47 years of brewing knowledge and understanding of the industry.” Westwood added: “During my tenure as a non-executive director over the past year, I have developed a real affinity for the Brains brand. As we look forward to our growth journey, I am excited about the quality of our beer, the passion of our team and the vision of our future. I can’t wait to support the team in the achievement of its growth objectives.” SA Brain said in May that the remainder of its property disposal strategy would enable the repayment of its remaining debts, with an opportunity for a debt free business. This, along with new financial backing, would see the business “grow back into the hospitality sector”, it said.

 

KFC franchisee refinances and repays £3m bank loan following group restructure, makes loss as turnover falls: KFC franchisee Splendid Restaurants (Colonel), which operates 39 restaurants across the Midlands and north east, has refinanced and repaid a £3m bank loan following a group restructure. At the end of September, it agreed a deal to amend the covenants on its loan facilities, enabled by repaying £3m that had been due for repayment in the financial year ended December 2023. This was funded by a shareholder loan to the company. “Significant cost inflation has continued to impact the UK economy in 2023 and has resulted in a challenging trading environment for the company,” it said. “This has also resulted in certain banking covenants requiring resetting in 2023 under the new loan facility until trading normalises in the medium term. This included a £3m cash injection by the shareholder, which was utilised to reduce the bank loan by a corresponding amount.” It follows a group restructure in July 2022 in which its bank loan from HSBC was fully refinanced. HSBC provided Colonel a three-year term loan for £22.61m and a revolving credit facility up to £5m, which were used to settle legacy term loans. It comes as the business reported a pre-tax loss of £3,299,420 for the year ending 25 December 2022, down from a profit of £814,276 in 2021. Turnover was down from £31,745,387 in 2021 to £30,238,628 while Ebitda dropped from £3,888,286 to £21,589 and average sales per week fell from £34,112 to £32,599. The company received £48,000 in government grants compared with £678,787 in 2021. No dividend was paid (2021: nil). Director Nadeem Boghani said: “Although the company initially benefited from the temporary reduced rate of VAT of 12.5% until 31 March 2022, the sharp increase in energy prices and the persistently high food cost inflation observed throughout the remainder of the year had an adverse impact on the company’s trading results. The company’s portfolio consists predominantly of drive-thru restaurants, which has enabled it to withstand the turbulent trading conditions. The company continues to focus on driving average weekly sales and Ebitda through its existing outlets, while developing new store openings and exiting loss making sites in line with its profitable growth strategy.” The company had net liabilities of £7,732,508 (2021: £4,891,491) at the period end, driven primarily by the HSBC loan of £21.9m (2021: £8.1m) and the full repayment of the company shareholder loan (2021: £16.7m) as part of the wider group restructure. As a result, the company has net current assets at the period end of £3,610,467 (2021: net current liabilities of £14,022,669).

 

Argentine concept Chango Empanadas to open seventh London site: Argentine concept Chango Empanadas is to open its seventh site in London next year, in Kensington. The concept, which is led by Bernardo Neville, will open a 470 square-foot site at Kensington Arcade early next year. Last month, the business opened its most recent site at 16 The Pavement, Clapham Common. It also operates sites in Highgate, Parsons Green, Richmond, Wandsworth and Wimbledon.

 

South Wales McDonald’s franchisee pays divided of almost £3.2m after reporting record turnover of £66m: McDonald’s franchisee Lonetree, which operates 16 sites in south Wales, paid a dividend of almost £3.2m after reporting turnover increased to a record £65,920,743 for the year ending 31 December 2022 compared with £63,891,763 the year before. Pre-tax profit was down to £418,484 from £6,036,572 the previous year as costs increased by almost £3m. Gross profit margin reduced to 63.61% from 66.77% in 2021 and was “in line with expectations”. In his report accompanying the accounts, franchisee Ron Mounsey stated: “Store and delivery sales profitability, although strong in the first half of 2022, has been impacted in the second half of the year by among other things the increase in VAT within the hospitality sector back to the standard rate of 20% from 1 April 2022, a volatile supply chain and rising costs base. During the year, one restaurant was purchased and during 2021 one restaurant was sold. Comparing the remaining 15 restaurants on a like-for-like basis, sales increased by 3.01%.” No government grants were received (2021: £214,414). A dividend of £3,180,000 was paid (2021: £650,000). Mounsey, a former dairy farmer, opened his first McDonald’s restaurant in Camarthen in 1998.

 

French patisserie brand Aux Merveilleux de Fred opens fifth London site: Aux Merveilleux de Fred, the French patisserie concept that specialises in merveilleux, a traditional Flemish meringue-based pastry, has opened its fifth site in the UK, in London. The business, which operates circa 55 sites worldwide, has opened a site in Kensington Arcade. Earlier this year, the business made its UK transport hub debut when it opened a site in St Pancras International train station. Aux Merveilleux de Fred, which was founded by world-renowned pastry chef Frédéric Vaucamp, also operates sites in South Kensington, Leadenhall Market and Clapham. The first Aux Merveilleux de Fred shop was opened in 1997 in Lille, France.

 

Firmdale Hotels reports record revenue as it narrows losses: Firmdale Hotels, which operates sites in London and New York, has reported record revenue of £192,581,000 for the year ending 31 January 2023 compared with £96,590,000 the previous year. Turnover also exceeded pre-covid levels with revenue up 13.4% on the £169,022,000 reported for the year ending 31 December 2019. Ebitda increased to £39.3m from minus £26.0m the year before (2019: £25m). Pre-tax losses narrowed to £2,481,000 from £9,125,000 the previous year (2019: loss of £1,608,000). The company, which said trading in the first half of 2023 was “slightly ahead of budget”, operates the Covent Garden Hotel, the Charlotte Street Hotel, the Soho Hotel, the Haymarket Hotel, the Ham Yard, the Number 16 Hotel, the Dorset Square Hotel and the Knightsbridge Hotel in London, along with Crosby Street Hotel and the Whitby Hotel in New York. During the period, the long leasehold was acquired of three adjacent buildings in the Bloomsbury area of London, which are being converted into a hotel, while in February 2023, the group acquired the freehold of its Covent Garden, property having previously occupied the building under a long-term lease. A third hotel is also being developed in New York close to the World Trade Centre complex and is due to open in February 2024. In their report accompanying the accounts, the directors stated: “Total revenue for the eight hotels operated by the group in London were a new record of £116.4m, a 2.3-fold increase on the covid restrictions impacted prior year, and a 5.2% increase over pre-covid 2019-20. For 2022-23, the two New York hotels produced combined total revenues of £71.6m, a 67.3% increase on prior year and 22.1% ahead of pre-covid.” Average room rate in the London properties was up 15.4% to £568 compared with £492 the previous year (2019: £410). Occupancy increased to 72% from 44% the year before but was still down on the 87% pre pandemic. Food and beverage revenue increased 73.5% on the previous year but was still 9.5% below 2019 levels. In New York, the Crosby Street Hotel saw average room rate rise 13.8% on the year before to $1,269 with occupancy at 80.6%. The Whitby Hotel reported average room rate was up 17.6% to $1,266 with occupancy at 76.3%. Food and beverage revenue rose 65.8% on the previous year and 15% on 2019 levels. The business did not receive any government grants (2022: £1,674,000). No dividend was paid (2021: nil).

 

Urban Greens secures fourth site, will offer breakfast for first time: London fresh salad concept Urban Greens has secured its fourth site. The concept has signed for a 2,252 square-foot space at Wrights Arcade in Kensington after agreeing a deal with landlord AshbyCapital. The all-day outlet at Wrights Arcade will be its first to have a breakfast offering, in addition to its healthy salad bar, and will open in January. Urban Greens will also offer a corporate orders and delivery service. Rushil Ramjee, co-founder of Urban Greens, said: “When we were searching for our first neighbourhood location to expand to, Wright’s Arcade in Kensington ticked all the boxes – a new high-quality space in a thriving area for residents, businesses and tourists. From January next year, we are looking forward to bringing our next-level salads to this new audience with an all-day offering. We’ll also be providing corporate orders and delivery from our new home.” Former university friends Ramjee, Houman Ashrafzadeh and Yannis Drivas launched the concept in 2019, and having tweaked and honed the offer, are now rolling it out. Urban Greens also operates sites in Canary Wharf, the City and St James’s. In February, Ramjee told Propel that Urban Greens plans to grow to five sites over the next year before “following a similar expansion path in 2024”. Urban Greens was represented by Distrkt on the Kensington deal. 

 

Wingstop confirms double opening in Scotland: Wingstop, which is being rolled out in the UK by Lemon Pepper Holdings, has confirmed two new openings in Scotland as it moves closer to its goal of operating 40 sites by the end of the year. The brand’s first Glasgow restaurant has opened, and its second site in Edinburgh launches on Monday, 11 December. The Glasgow restaurant in the St Enoch Centre is the first Wingstop dine-in site in Glasgow, further to a delivery unit in the city. Next month, Wingstop UK will open its second site in the Scottish capital, in Fountain Park, following the success of its Edinburgh St James Quarter site, which it said is the shopping centre’s top food destination in terms of sales and visits. The addition of these two new sites means it will have a total of 39 across the UK, along with more than 1,600 staff. Tom Grogan, co-founder of Lemon Pepper Holdings, master franchisee Wingstop UK, said:  “We are so excited to be opening two new sites in Scotland – our popularity at Edinburgh’s St James Quarter, which is the number one restaurant by footfall in the centre, just shows how the Scots are hungry for our wings! Having celebrated our five-year anniversary in the UK just last month, we want to say thank you to our loyal customers and the hard work of our team. We’re only just getting started and are excited for what’s to come.” Earlier this month, Wingstop said its debut UK restaurant was hitting record sales volumes and that the UK is a “playbook for its future restaurant development”. The US quick service restaurant chicken brand opened its first UK site in London’s Shaftesbury Avenue. It has recently added Dudley, Croydon, Hounslow and Clapham to its openings pipeline.

 

Ballerz appoints ops director ahead of 2024 launch: Ballerz, the new competitive socialising concept backed by ex-professional footballers including Rio Ferdinand and Bobby Zamora, has appointed Ben Childs, formerly of Puttschack and Junkyard Golf, as is new director of operations ahead of its launch next year. Childs was previously a general manager at Puttshack, and before that spent three and a half years as operations manager at Munich Cricket Club. He also spent a year and a half as general manager at Junkyard Golf. Propel revealed earlier this summer that Ballerz is planning to launch its first site at Bluewater in Kent. The project, which includes Nick Weir, of sector property advisor Shelley Sandzer, as a co-founder, also includes backing from former West Ham United captain Mark Noble, the Brazilian World Cup winner Roberto Carlos, and DJ Mark Knight. Ballerz will be a “special space, housed in a purpose-built dome with world class 5G pitch, mini stadium bench, tech-laden skills zones, plus an eatery and bar, perfectly combining competitive socialising with professional, lifestyle and fitness training”. The business was also set to launch a crowdfunding campaign to aid its launch and subsequent expansion.

 

Fast-growing Kent bakery overfunding after reaching £225,000 fundraising target to open more stores: Fast-growing Kent bakery Cheran’s Bakery is overfunding after reaching its £225,000 fundraising target with more than three weeks left. The company, founded in March 2022 by Cheran Friedman, launched the campaign with Seedrs last week, to help fund opening more stores and launch a pop-up events business. It has now almost £227,000 from circa 80 investors, with 23 days left. It is offering equity of 7.02%, giving it a pre-money valuation of £3m. The business has stores in Sittingbourne, Canterbury, Rochester, Faversham and Maidstone, with a sixth on its way, in Tunbridge Wells. The new site, for which no opening date has yet been set, will be in the former DAM Health unit in the town’s London Road. “We’re already over 100% funded but will remain open to allow everyone to join us on this amazing journey,” the business said. “All funds will be used to grow brand exposure on our goal to generate greater revenues and any overfunding will bring additional shops.” The business has generated £900,000 in revenue in 2023 alone, and £1.2m since launch, and seen a more than 500% increase in like-for-like revenue from the second quarter of 2022 to the same period in 2023. Mum-of-two Friedman said she started the business after her home-baking proved to be a hit with friends and family. “The start-up was literally one text message from my uncle to myself, and a few months later, the concept was formed and first shop opened in complete secrecy from our family,” Friedman added. “The business was initially funded by my uncle who is a serial entrepreneur – he invested more than £200,000. The shops following on from this were mainly funded with our cash flow from the business.”

 

Ex-Greene King assistant managers open second Hive Pub: Franchisees Colin and Sandra Meakin, who formerly worked as assistant managers for brewer and retailer Greene King’s managed hotels, have opened their second Hive pub with the business. The Inn for a Penny in Carlton, Nottingham, has been transformed into a Hive pub following a £450,000 investment, taking the total number of Greene King Hive pubs to 43. The husband-and-wife team also operate The Hayloft in nearby Giltbrook – which was the 11th Hive pub Greene King opened. The Inn for a Penny has been given new lighting, furniture, decorations and flooring inside, while outside, it benefits from new garden furniture and enhanced landscaping. The Meakins plan to bring some of their initiatives from The Hayloft to their new pub, including their offer of free Wi-Fi and a warm space, a soup kitchen for those in need, and takeaway Christmas lunches for the festive period. The pub offers standard and premium lager, craft beer, cider, stout and ale alongside a range of spirits, wine, soft drinks and alcohol-free options. The food offer includes traditional pub classics such as fish and chips, burgers and pies, as well as sharers and tapas style plates. The Meakins said: “Taking on The Inn for a Penny enables us to grow our franchise pub business with the full backing and support of Greene King. We know how to deliver the Hive pubs concept and also know that the model is successful. We really look forward to bringing our own initiatives which have worked so well at other Hive pub – The Hayloft – into The Inn For a Penny.” Dan Robinson, managing director for Greene King Pub Partners, added: “I am so pleased to see Colin and Sandra take on their second Hive Pub. Thanks to our major investment, The Inn For a Penny is looking fabulous, and I look forward to seeing its future success.”

 

HIT Training promotes Mike Worley to MD: Training and apprenticeships provider HIT Training has promoted Mike Worley to managing director. He replaces Jill Whittaker, who has become executive chair alongside her co-founder, John Hyde CBE. Worley has been with the business since it was founded in 2006 and set up its south west operations before being appointed operations director in 2013. During the pandemic, he oversaw the digital transformation of HIT’s apprenticeship programmes, shifting it online within three weeks of the first lockdown. “I’m delighted to be handed the reins of our amazing company,” he said. “Having started as a trainer and worked in various roles with HIT, I have seen first-hand the powerful impact of apprenticeships on learners and employers, and not to mention the economy.” Whittaker, who had been managing director for more than 11 years, will supporting other board members in continuing HIT’s growth. “I’m very excited to be moving to a new role in the organisation,” she added. “Having been managing director for many years, the change to executive chair allows me to take a step back from day-to-day operations and to nurture those who still have that responsibility.”

 

Mikhail Hotel & Leisure Group closes ‘unsustainable’ Liverpool Chinese restaurant: Merseyside operator Mikhail Hotel & Leisure Group has closed its Liverpool Chinese restaurant Lu Ban after the cost-of-living crisis took its toll on the venue. The restaurant, led by chef Dave Critchley, opened in 2019 in Cains Brewery Village in Stanhope Street. It was taken over by Mikhail Hotel & Leisure Group in June. The group has a range of leisure and hospitality businesses across the region, including The Grand and The Bold Hotel in Southport, ArCains, and Punch Tarmey’s in Cains Brewery Village. In a statement on social media, Lu Ban said: “We regret to inform our customers that, after careful consideration, we have decided to permanently close. The closure was not a decision we have taken lightly but was necessary due to a combination of factors. The cost-of-living crisis has reduced footfall to what was always a niche concept. This, coupled with increasing financial pressures of running and utility costs, has rendered the business unsustainable. We apologise for the inconvenience this will cause to customers who have plans to visit in the near future and where deposits have been paid these will be returned.” Lu Ban cuisine was inspired by the Chinese region of Tianjin. In China, the name Lu Ban is associated with invention and creativity and dates to 504-444BC when Lu Ban, revered as a Chinese deity, was a master of craft, invention and innovation.

 

Native Places set to open in London’s St Paul’s for seventh site, including neighbourhood deli/wine bar: UK lifestyle aparthotel operator Native Places is set to open its seventh site, in London’s St Paul’s. Opening in January in Native King’s Wardrobe, it will be the brand’s fourth aparthotel in the capital. Dating to the 14th century and formerly known as Royal Wardrobe, the building served primarily as a storehouse for the King’s state and ceremonial robes. The aparthotel will be spread across seven grade II-listed townhouses inhabiting a private courtyard located just behind St Paul’s Cathedral. It will feature 92 apartments, each with fully equipped kitchens, living and dining areas and workspaces. Guests will be able to choose from studios as well as one, two and three-bedroom apartments. It will also see the London debut of Counter – a neighbourhood space developed by Native Places that can also be found in its properties in Edinburgh and Manchester. By day, it offers locally sourced, seasonal ingredients, along with artisanal pastries and a menu of light bites, and by night, it transforms into a neighbourhood wine bar. Native’s other London sites are located at Bankside, Hyde Park and Mayfair.

 

Midlands holiday park business sees rise in profit and turnover due to strong demand in holiday home sector: Midlands holiday park business Avon Estates saw a rise in profit and turnover in the year ending 31 December 2022 due to “strong demand in the holiday home sector”. The company, which owns and manages five sites with a combined total of 600 pitches, reported a pre-tax profit of £6,327,868 for the period, up from £3,653,611 in 2021. Turnover also grew from £16,484,566 to £20,479,176. This compares with turnover of £11,419,583 and a profit of £917,391 in pre-covid 2019, when it operated seven sites with 950 pitches. “With the company being at the heart of a growing tourist town in Stratford-upon-Avon, it has enjoyed healthy growth in recent years, particularly in the sale of holiday and residential park homes,” director Nicholas Allen said. “The end of covid restrictions coupled with strong demand in the holiday home sector has driven this increase in turnover. The number of holiday home and residential park home units sold compares favourably against KPls, with a 27% increase in turnover of this type from 2021. Pitch utilisation has also been positive against projections, with more being occupied this year by tenants due to more sites being in full operation and a greater percentage of available pitches being occupied.” Allen forecast a reduction in trading in 2023 “due to rising inflation and the slowing down of the housing market impacting on all areas of the business”. The company received £289 in government grants compared with £272,824 in 2021. It also received £566,118 in reclaimed VAT. In the previous year, it had an £800,200 loan from a subsidiary written off but wrote off a £100,000 related party loan and £208,743 in irrecoverable VAT. Ordinary dividends of £609,117 (2021: £400,000) were paid along with preference dividends of £121,472 (2021: £91,405).

 

Akoko owner opens second West African restaurant: Aji Akokomi, the owner of fine dining West African restaurant Akoko in London’s Fitzrovia, has opened a second restaurant, Akara, in Borough Yards. Taking its name from the black-eye bean fritter that features on the menu, the 40-cover restaurant, like its sister venue, champions traditional flavours of the region. The à la carte menu feature a variety of akaras with different fillings such as carabinero prawns and vatapa, hand dived scallops, ox cheeks and chanterelle mushroom pate. It also features an open kitchen and a mezzanine-level private dining room for 12 guests. Aji said: “The Akara concept has been a labour of love for quite some time, and we’ve always envisioned it here in Borough.” Akokomi opened Akoko in Berners Street, Fitzrovia, in August 2020 with MasterChef: The Professionals finalist, William Chilila.