Amber Taverns targets estate of 185 sites by end of 2024, Christmas lfl sales up 20%: Amber Taverns, the 170-strong, wet-led, freehold community pub operator, has targeted having an estate of 185 sites by end of 2024, as it reports Christmas like for like sales were up 20%. The strong trading performance was for the period spanning 18 December 2023 to 1 January 2024, compared to the same period in 2022-2023. In addition, the company said all of its recently opened sites performed ahead of expectations, “further underpinning management’s confidence in the enduring appeal of community pubs and the robustness of Amber’s model with well invested sites, a reasonably priced drinks offer and engaged/motivated operators in each of its pubs”. The company is due to open its next site, in Cleethorpes, in February, which will trade as The Old Vic, following a significant investment. It follows last month’s announcement that Amber had completed on another four new sites – all of which are situated in locations where it isn’t yet represented – namely Derby, Bridgend, Airdrie and Motherwell. All four sites are undergoing extensive investment and refurbishment before reopening this spring. The company also continues to build an “encouraging pipeline of good, new site opportunities” as it aims to add approximately 15 new pubs to its growing portfolio each year. It said it has consistently achieved historic high returns of 20% on new freehold acquisitions and has lots of target towns within its existing geography to continue to expand its geographic footprint. James Baer, chief executive of Amber Taverns, added: “This is an excellent performance which, once again, demonstrates the ongoing appeal of well run, wet-led community pubs, generating sustainable growth in the growing number of geographies in which we operate. Amber goes from strength to strength as we continue to see attractive opportunities in a wide variety of locations. Targeting a total of 15 new pubs this year, we are on track to have a portfolio of 185 high quality pubs by the end of 2024, further reinforcing our future growth plans for the current year and beyond.” Amber Taverns features in the Propel Turnover & Profits Blue Book. Its turnover of £95,738,210 for the year ending 5 February 2023 is the 99th 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.

Gong Cha strikes 300-unit franchise deal in Saudi Arabia: Gong Cha, the fast-growing bubble tea brand headquartered in the UK, has struck a franchise deal to expand to Saudi Arabia. The company, which was launched in Taiwan but is now based in London, has signed a master franchise agreement with Shahia Foods Group, one of the Gulf’s biggest food companies, to open at least 300 units in the Middle East. Shahia Food Group is a leading franchised operator, running more than 800 retail sites under brands including Dunkin’ Donuts and Arby’s, which collectively employ about 7,000 workers, reports The Times. Paul Reynish, the Gong Cha chief executive, said: “Every country has different issues. We’re very simple retailers. We pride ourselves on high-quality tea and we work with the best people around the world. We’re not political commentators, but we are hungry to grow Gong Cha and Shahia Foods are the best at doing scale.” He said Shahia were experts in the beverage business and “having cracked the code on coffee, now they want to try tea”. He added: “Consumers are looking for something new. Black tea has the same amount of caffeine as coffee, so if you’re looking for that charge in the morning, tea has the same effect.” Gong Cha serves a wide variety of teas, blended with milk, fruit and fruit juices before adding tapioca pearls. According to research in the US, women under 30 are drinking more bubble tea than carbonated soft drinks. “That blew me away,” Reynish said. “It’s a landmark turning point in moving bubble tea around the world. It’s the choice of the next generation.” Founded in Taiwan in 1996, Gong Cha now has 2,100 sites in 23 countries, having opened recently in France and Panama. In addition to the Middle East, it is planning to open a site in Morocco and one in Mauritius. In Europe, it is in talks with potential franchise partners in Spain, Germany and Italy, while in Britain, where it has only 14 stores, it is splitting the region into half-a-dozen parts to bring in “high-calibre, well-capitalised franchisees” to speed up the pace of expansion. Reynish last year said his next target was 3,000 stores and that the company was seeking new franchise deals to get it up to 10,000 sites by 2032. In November, the company appointed former Subway regional director Europe, Justin Goes, as its new UK & Ireland development director.

Company behind Cornish hotel refinances after profits fall: The company behind the St Michael’s Hotel, in the Cornish town of Falmouth, has refinanced after its profits fell in the year to 31 March 2023. A loan for £5,185,688 and a debenture loan for £2,550,000 were both repayable within one year at the year-end but both have since been refinanced, one for a further two years and the other for a further three. Co-owner Nigel Carpenter said: “The directors acknowledge that as at 31 March 2023, the group held negative profit and loss reserves totalling £3,877,000 (2022: negative £3,998,000). However, the group is continuing to generate increasing trading profits since year end and anticipates to do so for the foreseeable future. Furthermore, the group’s debt was refinanced in August 2023, providing further reassurance to directors of the group’s ability to continue in business and meet debts as they fall due.” It comes as the company’s pre-tax profit fell from £680,635 in 2022 to £121,245 during the period, while turnover rose from £8,582,873 to £9,002,026. No government grants were received (2022: £100,079) and no dividends were paid (2022: nil). Carpenter added: “The business saw significant increased costs during the year, many relating to the substantial rise in utility costs due to the war in Ukraine. In addition, the prior year benefited from many subsidies and the reduction of the VAT rate for hospitality, as a result of the covid pandemic. St Michael’s is currently in a strong position with significant sales growth across all departments and continued investment in our product.” Post year-end, works on a new hot tub, cold plunge pool and newly renovated gardens at the spa were completed, along with four new spa lodges. Works to renovate the lounge and garden kitchen will begin this month.

Nottinghamshire children’s theme park anticipates improved trading following another year of record turnover: Nottinghamshire children’s theme park Sundown Adventureland has said it anticipates “improved trading” in 2024 following record turnover in the year to 31 December 2022. The company’s turnover crept up from £5,291,923 in 2021 to £5,363,689 but its pre-tax profit fell from £1,756,642 to £439,877. Director Gaynor Corr said: “The high level of spending in 2021 reduced in 2022 but in this year, the accommodation units at Wild Acre Village, immediately adjacent to the theme park, came on stream, and a new 10,000 square-foot Christmas Arena was constructed. The turnover arising from the accommodation resulted in another record turnover of £5,363,689. However, margins were reduced and overheads increased, especially energy costs. In addition, finance costs which had been funded by the government CBIL scheme in 2021 were now paid for by the company itself. Consequently, net profit before tax for the year amounted to £439,877 compared to £1,756,642 in 2021. While this is a significant reduction, the directors consider it a satisfactory result given the management issues surrounding the new developments. Additional accommodation has been delivered in 2023 and the directors anticipate an improved trading performance in this year and still further improvements in 2024.” Located in Retford, Sundown Adventureland is owned by the Rhodes family and originally opened in 1968 as a farmyard called Sundown Pets Garden. It was built in the grounds of a bungalow called Sundown bought by Audrey and John Rhodes when they moved to the area in the 1960s. John passed away in 2007 and Audrey in 2021, at which point she held all the shares in the company, which were transferred to Gaynor Corr in June 2022.

JD Wetherspoon small plates meal deal almost doubles in price since 2018 launch: A meal deal that allowed JD Wetherspoons customers to enjoy three small plates for just £10 has almost doubled in price since its 2018 launch as the chain is hit by soaring costs, reports The Daily Mail. One customer customer posted a photo on X complaining that the deal, which offers customers their pick of three dishes from a large range of items on the menu including nachos and small pizzas, cost £17.75 at a branch in Manchester. At other locations, such as Holborn in Central London, prices are even higher at £18.09 for three small plates. A current menu from the website of Wetherspoon Manchester, located in the city's Northern Quarter, confirms the price of three small plates is £17.75. Meanwhile, the Cooper Rose site in Sunderland lists the deal for £14.93. The original poster added: “Honestly, there needs to be a Spoons price index to track the rate of Spoons hyperinflation.” The deal was approximately £10 when first introduced (although in some locations customers have suggested it was much cheaper), and the price was briefly slashed to around £7.50 during the pandemic. It comes after the pub giant was criticised over the cost of its festive menu for the Christmas 2023 period. The Christmas dinner set pub-goers back £12.05 with a soft drink or £13.52 with an alcoholic beverage. But in 2022, the Christmas dinner was £10.69 with a soft drink or £11.99 with a glass of bubbly, meaning it increased by almost 13% with or without alcohol for exactly the same meal. Wetherspoon spokesman Eddie Gershon said: “Our prices do vary from pub to pub, as do our rent and rates. We always aim to remain competitive, overall, in the areas in which we operate, and most price surveys seem to indicate we achieve that.”

Artisanal Spirits Company acquires US rare spirits business: The Artisanal Spirits Company, the creator of whiskies and experiences around the world and owner of The Scotch Malt Whisky Society, has acquired US rare spirits business Single Cask Nation as it looks to grow its presence in the country. Founded in 2011 by Jason Johnstone-Yellin and Joshua Hatton, Single Cask Nation sources, curates and bottles rare single-cask and limited-edition whiskies and other spirits for sale both online and through specialty on- and off-premise accounts in the US and other international markets. Johnstone-Yellin and Hatton will remain with the company and continue to lead the business from the US as it develops a greater focus on American whiskey. The deal is being structured by way of an up-front committed payment, with the potential for a larger earn out of up to $500,000 payable dependent on future key performance criteria being met in 2024 and 2025. Andrew Dane, chief of The Artisanal Spirits Company, said: “This acquisition aligns with our ambition to selectively expand the portfolio in the significant and growing US market, while staying true to our core values of captivating a global community of whisky adventurers with rare and exceptional bottlings. The addition of Single Cask Nation will further our mission to create a highly profitable and cash generative premium global business.”